Well, i am not against KYC for icos, but yes i agree with most people in here, it is more than disgusting need to pass KYC in order to put your funds in some ico, that is something that i hate after all
Topic: Why KYC needed for ICO ? - page 3. (Read 570 times)
The reason is simple, a lot of ICOs are trying to meet all requirements before hand should there be an overhaul of ICOs projects by government.It is easier to doo KYC during onboarding processes rather than mid-way.KYC are regulatory requirement by government for transactions thay may involve cash handling.KYC also help project team to sieve out contributions from restricted countries like the US and China
KYC which means 'know your customer' is done to know your investors and also screen out citizens of restricted country. It will also help to prevent unfair distribution of token as some investors use bots to buy token.
This is maybe because there are some countries that ban the cryptocurrencies and kyc is the way to prove that you are not living their. If your campaign is legit, no need to worry. You are in a good hands. Your identity is hidden in others.
KYC for ICO campaigns is mandatory. ICO campaigns require a KYC to prevent a person from buying a lot of ICO Tokens to make illegal profits. KYC investors are pure and not as hard as people think, just have the passport is able to verify quickly.
The KYC is applied because there's is a law on goverment to give the identity of an investor and this KYC sometimes a barrier for an investor to invest on a particular initial coin offering or any other investment.
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 just an attempt in compliance to regulations and nothing serious, it's minimizing perpetrating of funds illegally, most of the ICOs make their contributors pass through Kyc because they don't want to risk litigation
I don't think that the ICO required KYC. moreover, I think that your data can be used by scammers.
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 is the only way for the ico to determine their investors and in this way, ico's can determine if there will be an illegal transactions that is happening behind their own project.
usually KYC (Know Your Customer) required by an ICO project is to find out who the owner or shareholder of the project token is. To avoid misuse of tokens that have been traded. Such as, terrorist financing, money laundering, corruption and so forth.
No need to worry about our identity being misused, if the project is good and professional then it will be responsible for the confidentiality of our personal data
No need to worry about our identity being misused, if the project is good and professional then it will be responsible for the confidentiality of our personal data
becasue there are a lot of regulations now and we need to provide our information for investing purposes.
I do not use to invest much on those icos, i do not like to provide my personal data to those people.
I do not use to invest much on those icos, i do not like to provide my personal data to those people.
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 don't like KYC either because it does not adhere to cryptocurrency principles, but I think it's the only way to know your country of residence because some country ban investing in ICO but it can be manipulated people can submit bogus or fictitious credentials, so it's not realiable.
cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. Today 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.
From the way I view it, I think even from the meaming KYC (know your customer) is an avenue whereby the developers and the team of a project are able to get important information from investors through documentation. There are some countries that do not encourage or allow their citizens to get involved in ICO, so through this medium the issue of nationality can be sorted out.
With its help, people gain full control over their personal information, as all data is carefully encrypted, protected by biometrics, stored only on personal devices.
Unfortunately, I have a huge doubt about the fact that organizations that carry out the KYC procedure will keep personal data of investors in a safe form.
Its like info theft but for free if that makes sense but your giving the info so its not theft.
today 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.
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 think that this is not the project team itself but government agencies because it is still investing
The procedure of KYC in ICO opens a number of additional opportunities for the organization conducting it and makes it more reliable in the eyes of state regulators.
With its help, people gain full control over their personal information, as all data is carefully encrypted, protected by biometrics, stored only on personal devices.
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