Bitcoin Forum

South Korea has established regulations that every Crypto trading account should have a complete KYC. In my opinion initial coin offerings should also have KYC for every investor to be regulation compliant. Thus, terror financing will reduce to a great extent through cryptocurrency.

I already talked a lot about the fact that I'm generally very unkind to the fact that the procedure KYC which came up, start to enter everywhere. After all, I still think that this violates the personal life of people.

it does not matter if you have to use KYC. because if KYC is used for verification data and anything positive about ICO will not be a problem. with the KYC I think that potential investors can be detected clearly and avoid criminal acts for example for terrorist financing.

KYC isnt really a bad thing,this will protect each users from the exchange if someone hacks the exchanges they can easily recover what has been stolen,In ICOs KYC will protect the ICOs managers from fraudulent activities from the users for example double entries,but in the other hand the only negative things i see with this KYC verification is you will not have any privacy,your identication card might be sold to others that might use it for identity thefts.

When I joined the crypto world last year, there was no KYC.
It was still anonymous and it also have some problems/abuse as well:
1. Some individuals will create multiple accounts to buy lots of tokens in ICO's/TGE.
2. You can create accounts on any exchange, no KYC, just email. Still anonymous (Some are still anonymous though if you use a small amount to trade or take out)

It's just that more regulations from  goverment and financial institutions as they would want to track everyone in crypto as well  :( >:(

this is good news, because in this way crypto in south korea will soon recover. and have an impact on the market, hopefully this will be good news for all of us. probably in some countries that prohibit can follow what south korea do.

and why do you think that should be done? what the difference if a person has a money to invest?
I feel bad about that sick KYC things, it's against the whole idea of decentralization and anonymity

Doing KYC is not suppose to be an issue. I am just concerned about the privacy of the information we are given them. Cryptocurrency was supposed to be anonymous and decentralize, but this KYC thing is going against it.

I always thought that was a good thing.
When transaction encryption currency and investment ICO require KYC data validation, it is  possible to indirectly acknowledge that ICO is legal.
So why is the whole cryptocurrency market still red recently? >:(

The bitcoin network is pretty slow nowadays. If any development does not come soon in the bitcoin network people will look for other currencies. As many investors in the crypto world has weak hands, they are selling their cryptocurrencies regarding FUD as many regulations has stepped in. People who understands crypto will take it as a positive sign. However, this is good for the market as weak hands will diminish from the market and only the strong players will remain.

KYC is mostly a formal thing (some ICOs are approving KYC with a lack of some documents lol).  Checkig the identity definetely won't stop criminals from sending the dirty coins. In the dark web you may find thousends of available KYC packages with all necessary info for about 15$ per one ID, I'm sure that bulk price will be even lower so it definetely wont  stop terror financing.

Now more and more bounty companies are introducing KYC. I think that soon it will be present in all the bounty companies. All investors have long been obliged to pass KYC.

Korea might wanted KYC verification from exchanges to protect their citizen to a possible scam or any hack attempts,doing KYC verification will give them peace of mind because if someone hacked the exchange,they can easily track the culprit.In that way it would be better to under go with KYC verification as well as in ICOs,most of the people wont agree with me but its for our own protection.

KYC has it's pros and cons. The main purporse of KYC in to exclude duplicate accounts from ICOs, and in some countries, ICOs are obliged to have KYC, to correspond with the local laws. But the main risk about KYC is that you send all your personal details including your address to unknown people and you never know how they can use it. Even if the project is realiable, their KYC DB can be stolen by hackers. So I'm not so optimistic regardgin the KYC.

In some threads I've had this topic previously discussed, and I agree about that, maybe with that, ICO will be more fair on every investor, for all investors who want to invest in ICO, I suggest to join daneel.io, because only daneel which I think will be successful this year, please see the program information here www.daneel.io

South korea is banning ico, They are not allowing their civilians to join in the ico, It may better for you to read more about that. KYC only applied to the centralized exchange site because it can be used to money laundering. The purpose of KYC on exchange site is really different with ICO. In ico you should complete KYC verification to prove if you are not from those countries are banning ico.

Lately, many ico have introduced mandatory kyc as well as whitelist. This could also lead to malicious use of documents by malicious people. So it's good to fight crime but on the other it could lead to identity theft

And that is contradictory with cryptocurrencies nature which is decentralized and anonymity. I believe when every aspect that contains cryptocurrencies needed a KYC verification it will put user privacy at risk. Well, it doesn't matter for the user who doesn't care their privacy but in other hands the people who protect their privacy and anonymity well be disadvantaged.

Well my concern is mainly if some ICO are scam then giving them your personal docs is even more worrisome cause they can also use your docs to sell them as identity theft.

Imagine they get whitelist of 100,000 investors doing KYC and if they can sell your docs for $20 that's fast $2 mil from selling your docs.

Plus another $20-$50mil with pre sale and ICO and this is crazy money for ICO that goes bad or gets hacked.


Who regulates ICO companies and how they manage to store our docs?


I mean if they can get token address hacked and newsletter mailing list hacked then what stopping hackers to also hack and get all our docs too?

This actually calls for company to create a product where you'd do KYC at one site and use this one to link for any other online website that requires you to do KYC.

Same as ewallets like Paypal do - only give Paypal your credit card info then pay on every online merchant by connecting to your Paypal account to pay.

We need Paypal like KYC company to link when applying for ICO and they want us to do KYC.

i think several ICO was have KYC system , just like HOQU token , Odem and etc
i think that have pros and cons itself
what i know about cons is they will know where ur place and identitiy , for someone that so distrubing

I couldnt disagree KYC is a weird thing to do in a decentralized community like ours,its morelikely being used to gather some informations about the users,and someday you will just be suprised that your identity were stolen,or were used to a criminal activities.There will be always a negative impact to users with these so called medium for more fair ICO investments.

Technically cryptocurrency is still anonymous and decentralize the only thing that reverts the said features are the third-party entities like online exchanges, wallets, and ICO's the rest if they're requiring your info without the mandate requirement of KYC is a scam or identity thieves.

most of the ICO in the present requires their investors to comply with the KYC policy if they are from the USA and other countries who are requiring this to join with the ICO's the rest are all anonymous users.

In the ICO that I've registered on for the public sale, they do have KYC, which to me is a good thing since they can  erify their investors. It's not entirely necessart actually unless you wanna be secured on who's buying the coins that you're offering. It kinda also makes the investor feel secure for me since they know they need to verify themselves to the team. Unless they're unlikely to be known at all, it's still a good practice to do it.

The ICO I joined BTW is Legolas, which currently hold their first public sale today. You can check it out through my signature. :) KYC is implemented though upon registration. :)

KYC actually has a point as well because we can find out who participated in ICO which was launched otherwise it will make usage of ICO to increase the profit of irresponsible person. but there is a downside as well, from our KYC privacy is disrupted because of the identity we have in the hands of those ICO makers.

For me:
- Buy ICO : I want KYC, it will make my investment safe and I do not wait for any refund because of regulations
- For Exchange: I do want KYC because the local government can track the profit and take the tax

There is a positive value of the rules that require completion of the KYC form ..Application of Know Your Customer Principles or more commonly known as Know Your Customer. is based on the consideration that KYC is not only important in the context of combating money laundering, but also in the framework of implementing systems owned by all institution.

That's a good initiative they have taken since this might stop many criminal activities. I believe not only the customers but also the creators and developers of the particular ICO should have KYC documents submitted to some trusted authorities since this will show their genuity and will give the investors a better insight about the people they are going to give their money to. Although this a tough thing to do since a trusted authority will mean that it will be a centralized processed but the necessary steps similar to this should definitely be taken.

I think this should not apply to participants with bounty . There's nothing wrong with that investors will complete the verification and confirmation of his personality. Another question, is a cryptocurrency and all expected her anonymity . But time does not stand still, and we see that more and more States are taking the blockchain and cryptocurrency to a new era of digital economy. If you look globally, we can't do without checking this could cause even more chaos in the world. At the moment I pass KYC 2 ICO and I do not see this disaster!

KYC is a good step, it will make ICO’S more secure & trust will developed.
I think no one will be scared to invest in ICO’S; they have a security in the shape of KYC.
Might possible slowly KYC will compulsory to all Bounty campaigns.

I've already passed KYC in 1 airdrop and got promised tokens, no problem for me.

That is a step which could have come lot earlier but now that the frauds cases have gone high,it was about to come and i am glad that it has come.See KYC for ICO is also necessary and will come with time but money involved in trading account account is lot higher than ICO and if we look at the bigger picture it is a positive step and a necessary one.Lot of frauds will be reduced both by consumer as well as trading sites as government will have an eye on them.

Terror financing is just an alibi of the government to halt cryptocurrency because terrorist are wise and they know that although cyptocurrency is an anonymous transaction, it can still be trace. I don't agree in KYC for ICO because the documents that you submit to the ICO might fall in the wrong hand and could use it in illegal activities or sell your information in the dark market.

Almost all the ICO are doing KYC now. It's the recent regulation in crypto to regulate AML which is the major concern for the mot of the country.

My opinion KYC is good but I think It can reduce for participants to joined the comapaigns.Not all participants has KYC for verification so if this is implemented I much sure for 99% participants It can lock down to maybe 60%.But it's okay for me the important is I'm here willing to participate

I think KYC in ICO and trading account is good for development of cryptocurrency market, this is to avoid money laundry and other ilegal action. With KYC could be some fraud activity using crypto can minimize and finally crypto will be more popular because regulation complaince.

You guys promoting KYC like it's a good thing have got to be paid government shills.

If your a real human and not a govt official let me tell you what your doing by filling these things out.

- Giving your personal information online to unknown people.  Your sending in your passports over the internet.  That alone is nuts.
- The main point of crypto is it's anonymous nature.  Your defeating the entire point of crypto by creating a trend that directly goes against the purpose of what your.

And you guys wanting to be protected from terrorists and calling for the government to protect you are pathetic.  There really is no other way to describe you.  

Well this is all for our own sake cause KYC can protect exchanges from the scammers or what so ever. Though cryptocurrency really made for a decentralized market but I think because of greedy people we still need to be regulated. Don't worry if you give your details on exchange cause I believe its still safe but think twice if you are giving too much information on any ICO or airdrop cause they might use your information to connect with your wallet.

Kyc is actually ruined the crypto currencies purpose but somehow there are something that can't be avoided, the government keep on forcing the exchanges to implement the regulation, I dont really agree I should give my data to ICO because it can be misused as I dont know the ICO is legit or not

Although I also think the new ICO KYC information project need, if not that may face various problems such as money laundering, but current KYC information is still not safe, you sent the KYC information to ICO project term, however they may sell your information at any time, because there is no a good regulation.

I think kyc and regulation is a good thing and we have seen that it is being implemented in all sorts of crypto projects, this will really help in legalization and mass adoption of crypto markets.

Yes KYC is good to avoid any future cases. But some ICO's are doing this KYC process with third parties and using not so great softwares which is not good.

Everytime I said, people just use binance or kucoin without KYC and still waiting atomic swaps for decentralized exchanges.

Giving someone their documents is always dangerous. If there was a single database with good security. I submitted my documents to many ICOs. But I'm not sure that my documents did not fall into the hands of scammers after some of the project sites were hacked. This all absolutely contradicts the very idea of anonymity. By giving your personal documents you do not know who is following you.

regulation is very necessary for the ICO's but It is not real problem for screamers. because they do not have problem with regulation and limitation of governors, they return the rules. so, we must increase the knowledge of people for investment in ICOs

but nevertheless not all companies require the provision of personal data. In most cases, the forum itself takes the initiative, either by the manager himself, or by the administration.

Every time and you fill in KYC forms and send you personal details to different ICOs you have a risk that your personal data can be stolen by hackers. There were already several cases when ICO DBs were hacked and all data got into arms of scammers. So I would prefer that all ICOs will use one external KYC resourse like Bitcoin Suisse.