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Why some ICO required KYC?
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Topic: Why some ICO required KYC? (Read 454 times)
RadioYo
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Re: Why some ICO required KYC?
May 08, 2018, 06:09:57 PM
#81
It's a regulatory issue. It's not just KYC. It's KYC and AML.
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bubblebubble
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Re: Why some ICO required KYC?
May 08, 2018, 09:34:07 PM
#82
Many ico are starting requesting KYC also to Bounty hunters even if the revenue generated is not a pure investment.
I don't understand this logic.
malinda92
(OP)
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Re: Why some ICO required KYC?
May 09, 2018, 04:59:56 AM
#83
Quote from: bubblebubble on May 08, 2018, 09:34:07 PM
Many ico are starting requesting KYC also to Bounty hunters even if the revenue generated is not a pure investment.
I don't understand this logic.
I think they doing it to avoid scammers to make multiple submissions, so it's good to other bounty participants & project it self!!
bubblebubble
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Re: Why some ICO required KYC?
May 09, 2018, 05:19:57 AM
#84
Quote from: malinda92 on May 09, 2018, 04:59:56 AM
Quote from: bubblebubble on May 08, 2018, 09:34:07 PM
Many ico are starting requesting KYC also to Bounty hunters even if the revenue generated is not a pure investment.
I don't understand this logic.
I think they doing it to avoid scammers to make multiple submissions, so it's good to other bounty participants & project it self!!
I agree with you but I think that this is a work of bounty admins and cannot be delegated to the KYC
Dhanushka
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Activity: 238
Merit: 10
Re: Why some ICO required KYC?
May 09, 2018, 06:35:30 AM
#85
KYC means Know Your Customer.. So new ico's gathering information before selling. Then they can prove their tokens won't use for illegal processes.
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Dhanushka
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Re: Why some ICO required KYC?
May 09, 2018, 06:36:51 AM
#86
Quote from: RadioYo on May 08, 2018, 06:09:57 PM
It's a regulatory issue. It's not just KYC. It's KYC and AML.
I don't get you my friend. What do you mean by AML ? Is it about anti money laundering ?
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ORET - When gold meets blockchain technology
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Ancient skills
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Re: Why some ICO required KYC?
May 10, 2018, 10:40:31 PM
#87
It looks like it helps to get a listing on good exchanges where KYC is required.
cutikanzilong
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Re: Why some ICO required KYC?
May 10, 2018, 11:43:33 PM
#88
Each ICO has its own policies towards its investors. There is a policy that prohibits investors in a country to follow its ICO. Therefore the function of KYC in my opinion to see the data for investors and do not violate the rules made ICO. But behind it all there is a downside, that we are all worried about our data that may be misused
kimochidesh
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Re: Why some ICO required KYC?
May 17, 2018, 08:32:44 PM
#89
There are many reasons for this:
1. If an ICO can demonstrate proper KYC then it will be possible for all parties to establish credibility with banks and follow Anti-Money Laundering regulations. Voluntary compliance thus gives a project and its participants a stamp of legitimacy with regulators and banks.
2. 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.
3. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place.
4. To avoid the creation of fake ICOs.
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