Topic: Why KYC needed for ICO ? - page 2. (Read 570 times)
This is necessary because ICOs are considered illegal in many countries to avoid problems with the law projects are asked to undergo the initialization procedure of their investors. Not all investors want information about their investments to be publicly available, so they refuse to participate in such projects and invest their money.
KYC stands for know your customer. I think the ICO need this so that they can know their customer formally and help them accordingly. I don't see anything wrong here until they are keeping the information safe.
Basically ICO needed KYC to know about their investors like who they are and where they from and if there any illegal stuffs is doing by them or behind them.
KYC and AML policy is the cause I guess for recent KYC mandate while investing in ICOs. This also boosts their image, also makes it more legal. But I doubt each and every ICOs motive and intention, as there are many scams in the ICOs. I just fear about any leakage of personal information, unless its just a legal and normal process.
Many investors are confused with the idea of KYC that if they are going to keep the data personal. But yes, it is also expected that, the incidence of criminal activities will lessen by using KYC. That is a good side to this initiative.
Probably, KYC needs ICO so keep its work safe for its customers. But, in the long term it may do great as it'll recognise the criminals in the future.
In my opinion, it is really good if ico owners passed kyc procedure. Because then I feel much safier about my funds.
For example, Remme ICO owners have passed kyc procedure on icobench.com. they also have a good team and partners. Have a look at this
For example, Remme ICO owners have passed kyc procedure on icobench.com. they also have a good team and partners. Have a look at this
No one disagree to use the KYC. People should also understand the risk you are taking by giving up all your information. If ICO want to complete the KYC. Just pay for a well known third party company to complete it. ICOs are raising hundreds of millions should be able pay for it.
As part of regulation in different countries, ICOs are doing KYC. I think it is a good thing to do, not only for legal reasons, but also to prevent unwanted manipulation of coins.
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.
Kyc is required by some ICOs because it is a way for them to know who their costumer and investors are. I believe that it is important for them to avoid duplication of accounts for bounty hunters and to secure the identity of their costumers. It is just for security purposes and I see nothing wrong with it.
KYC is needed to know the origin of funds obtained at the time of ICO so as to avoid money laundering through ICO.
If we do not do KYC then we do not know where the money earned at ico then all countries also prohibit money laundering.
If we do not do KYC then we do not know where the money earned at ico then all countries also prohibit money laundering.
Because ICOs are trying to prevent themselves from the possible future issues with organizations like SEC. We don't even know how the crypto adaptation process will go on.
KYC is not a novelty and has long been used by companies and projects of other directions. At the same time, more often KYC is needed to participate in the ICO. All this happens as the regulation of cryptology begins and many countries have passed the relevant laws on which in order to make investments it is necessary to confirm their identity for determining the country of residence and from this it will be seen whether you are allowed to invest in ico in your country.
I don't think that the ICO required KYC. moreover, I think that your data can be used by scammers.
That's the other way around if you are going to participate on an ICO that is full of scammers of investors and identity theft, you should really be careful from choosing as you can put your money and identity at risk, KYC purpose is really good but the downside of this policy has its own risk to mind and take care of it, Choose the project wisely, you can't trust all the people on the internet. 
With KYC we can find out who invested in a crypto project, if we do not use KYC, then in the fear will be misused by such bad people for money laundering and other practices
Because it is important not to accept dirty money in ICOs. They could be used as a means of investing illegal money, or even as money laundering. Also there is legal pressure from exchanges, since they also need to do KYC and apply AML regulations, they ask ICOs to do the same, or otherwise no chance to get listed afterwards. It is important to have a clear understanding on the origin of the money that is getting invested in your ICO, otherwise you may face issues.
Personally i can't like this initiative because they don’t need ICO. Some peoples are saying this KFC feel crypto currency are banned many country that’s why they connect with ICO.
I do not understand why people have to go through KYC many times. We need a service that will store all the data. And the projects will take the same data from there.
Most of the recent ICO and few exchanges is asking for kyc nowadays and they claim that the reason is to avoid money laundering and use of funds by terrorist. I don't think kyc can stop them since they have different means to transact or exchange money for their use. I strongly believe that kyc will not be a solution for what they have implemented and there should be some other reason for kyc and we are not aware of that at this point of time.
KYC.legal is an authentication system. ICO platform began in December. KYC.legal, as you may have guessed from the title, has aim to provide a better system for testing your client’s knowledge (KYC). Today, banks, financial institutions and crypto-currency exchanges should comply with the requirements of KYC. Basically, it means that these organizations must collect and verify personal information from clients. It is designed to prevent fraud, and is also often combined with the verification requirements of the money laundering (AML).
In any case, KYC.legal wants to create a better system for checking KYC / AML. This system is aimed to provide advantages of users and companies by developing a single, unified, user-friendly solution. Instead of individual fill requirements KYC from each service provider you can locate this on one platform.
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