Topic: Why KYC needed for ICO ? (Read 545 times)
The main reason is to compliance with the law. There are a few icos that failed to continue due to not compliance with the law. KYC is also needed to make sure that the investors are not from the country that prohibit it's citizens to invest in ICO. That's what i know.
It is the same procedure that conventional banks used, basically to verifying the identity of the customers. The main reason for KYC is to avoid any criminal activity involves in that project/product, such as money laundering, scamming etc. It is said that if we do nothing wrong, why would we be afraid of KYC
Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.
there are some countries that prohibits cryptocurrency in their country, even the ICO, they are highly strict about that, to avoid any problems, they run kyc to know where their investors coming from.
KYC ( Know Your Costumer) this is needed because the goverment where the ico's placed just want to be secure who will be the participants because some of the country banned ico's or crypto and the purpose of the kyc is to know who is the costumer that she/he can b able to participate the ico or not.
ICO project managers say that kyc is needed for our security. I honestly don't believe that. In my opinion, they just collect more information for their benefit.
If I do not find KYC necessary, because I only hold the coin for a short time, they are not an asset that we have to hold forever, so I have the right to transfer and sell to any Anyone, so KYC will no longer be meaningful when I sell my coin. I find this to be unreasonable. 
Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.
They don't issuing an ICO that isn't registered with the SEC is illegal anyways, so why are they caring about KYC if what they are already doing is illegal? Well, maybe they're just stupid and don't realize that KYC doesn't protect them. They may be doing it to try and seem more legit as well, which doesn't make any sense. A third and malicious option is they are stealing identities and so that's all part of their scam to get more money.
By using KYC expected could reduce acts of fraud committed by irresponsible parties. But we must also be careful in doing KYC charging because not all ICO was correct. This mainly on the issue of money, we could lose money if a wrong step.
I believe its all because some country really strict on crypto and they are prohibit their society to jump into crypto, that is why ICO would need KYC to find out who is their investors.
Nowadays many criminal events related to finance, whether it is theft through hack or money laundering actions. with the presence of KYC, is expected to prevent the existence of such criminals.KYC (Know Your Customer) required by an ICO project is to find out who the owner or shareholder of the project fot those reasons KYC is needed for ICO.
There are project that needs to identify the individuals on their project to proceed without taking caution on some individuals who are residing in a country where cryptocurrency is being ban so that the coins or tokens will be put into a maximum utilization without hindering an individual to use it. Aside from that tokens/coins could also be use in illegal activity so a team should consider people who are utilizing their tokens and will be able to identify those individuals who will be abusing their coins/tokens bringing an illegal activity that uses their coins/tokens.
ICO project managers say that kyc is needed for our security. I honestly don't believe that. In my opinion, they just collect more information for their benefit.
I think KYC is needed as you the meaning of KYC is “know you customer”. I think knowing the customers is very necessary for the organization.
Because of the laws. In many coutries, ICOs need to be agreed by the government. If the government do not accept the ICO, it can not be started on that country. In some countries, they require information from investors in ICO so that they can control it easily. If ICOs can not be controlled, many crime and illegal activities might happen
Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.
To be honest, I do not fully understand why some ICO and bounty make KYC. I still don't understand people who give their data to just anyone
KYC is needed to protect your token from the possibility that anyone could claim your funds, it is important that they do KYC because it protect you as a contributor to the Project. KYC is needed to filter out those with no real interest in the project's success. another reason why KYC is needed could be in the case tokens are hacked, they could be easier to track and returned to the owner faster.
Many ICO teams think that KYC will increase the credibility of their project and they make KYC for investors. I don't agree with that, I think it's repels many potential investors. I don't want invest in ICO with KYC, that's my rules.
Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.
I can only assume that teams register a legal entity for their project in a particular country. And the legislation of this country requires mandatory identification of investors.
I'm aggree with ico must know the consument but if every join ico we must upload the id from us, our id will not safe
I don't understand why some ico need KYC of bounty participants . What do they need in those people ?. because they are not direct investors
Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.
Mainly for regulation purposes. Each country has their own policies when it comes to investments.
This may also serve as a protection for both the project and ICO participants.
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