Unfair aspects of KYC. But KYP is here

[Tylev]

This problem really exists today. However, it should soon be resolved by further regulating the circulation of cryptocurrency by states. We do not need to request KYC from all participants in the cryptocurrency market. Legal entities working with cryptocurrency must be registered with the relevant state bodies, and, if necessary, obtain a license for this type of activity. This will drastically reduce the level of fraud in this market. Individuals will only need to undergo a KYC check if the amount of the transaction sent exceeds one thousand euros. This complies with the FATF recommendations of June 21 last year.

[Xampeuu]

This problem really exists today. However, it should soon be resolved by further regulating the circulation of cryptocurrency by states. We do not need to request KYC from all participants in the cryptocurrency market. Legal entities working with cryptocurrency must be registered with the relevant state bodies, and, if necessary, obtain a license for this type of activity. This will drastically reduce the level of fraud in this market. Individuals will only need to undergo a KYC check if the amount of the transaction sent exceeds one thousand euros. This complies with the FATF recommendations of June 21 last year.

right, with regulations governed by the state, then narrowing down the space for fraudsters to carry out the action. if like now, many fraud projects because there are no legal sanctions for them, so they are free to move and worsen the image of cryptocurrency, especially for new investors who have not enough knowledge

[el kaka22]

I wouldn't actually mind if all the information of these companies are public and shared with everyone on some third party organization. Think about it, if we could get headquarters, offices, information about the owners and the teams, basically all we need to know about these companies that can be proved to us, that would actually make things a lot more trustworthy.

On top of that if these companies ever gets "hacked" or whatever they are and lose everyone's money, they should be held reliable and since everyone would know who they are and where they are from and all of the information regarding the ownership, we could sue them a lot easier with people who live on the same nation as those people could file a lawsuit as well. It would make things a lot safer if you ask me.

[shield132]

In crypto market, it makes sense! Otherwise, in real world, we usually know the service providers and obtain their KYP details easily! But in crypto market, the scope is usually much larger because crypto companies usually cater to the global client base.

Most importantly, it should be mandatory for all types of ICOs, ITOs or STOs because they get funded by common mass. So KYP is particularly useful in crypto market.

But in real world, such details are usually available in the public domain. So KYP would not bring much change there!

Not only in crypto market but overall, online websites that offer some services and ask you for KYC should be somehow verified. For example imagine I found casino "blabla" and register there, it asks me for KYC to withdraw money, there should be one legit website run by government or etc that should verify whether website is actually legit or not. But there are no such services while any website can freely ask you for KYC documents. We should implement something like this not only in crypto world but on every website that asks for KYC.
Also there must be pictures and basic informations about the owners of particular websites that request KYC from you. It's 100% legitimate to know whom you send your documents.

[ecnalubma]

Privacy really depends on users wether they stay anonymous in crypto space or become fully compliant with the regulations. Providing this could be a win-win situation for both parties if it’s pushed in this type of industry, all projects should undergoe in this type of process to be legally accepted not just in the government but also in the society.

[bitbunnny]

There are good sides and bad sides of everything, so that applies to KYC too. But the idea and intention of KYC is good and it really helps to protect users from different kind of abuse and scam and honest users don't need to fear it.
Also, we don't need to fear that KYC is violating our privacy and abuse our personal data. Some incidents are always possible but then we know who is reliable and what are the responsibilities and how you can be legaly protected.

[FanEagle]

You do have a good idea, but you should as well understand that there are reasons why KYC is important to Businesses. Rightfully businesses should be transparent with their customers and make them understand that they should be trusted. I don’t take interest in any business that is not transparent and keeps hiding things from their customers.

As for businesses like exchanges , they should provide information on their page about their CEO, and other Executives, and also an information about their location. If they are going to be asking customers for KYC, then they should fulfil their own part by doing these that I have mentioned. That way we can know for sure that they can be trusted to a certain level.

[gabbie2010]

The crypto community is made of smart people (...most of them) and this challenge could be achieved easily if we really care about fairness, get organized and work together on this common goal. Crypto itself is already showing fairness with the use of blockchain.

This is simply the reasonable point. The crypto world is for smart people and asking people for identity information without providing theirs first isn't the best way about it. Cryptocurrency has provided decentralized measures already so if someone wants a personal information, should also provide theirs too. That shows fairness.

In fairness most of these KYC is necessitated because of some nefarious activities perpetuated by some bad elements hiding under cryptosphere, of course without any doubt decentralization is good however it is also necessary to get some sort of information of owners of huge amount of crypto assets transansacted to ascertain it purpose whether for good or bad particularly money launderers who disguise to sponsor terrorism.

[thesmallgod]

I am just wondering what the customers will request as KYP. Probably some of the things they have provided on the website or a kind of paper documentation and legal information. I understand quietly well in this evolving crypto space that providers are becoming smarter and this is the reason why many of them will tell you they are registered in one country on an island that is difficult to confirm on the internet. Just the way so many scam betting site will tell you they have their license from some shithole domicile

[charlesmichel1]

I hate KYC. This is the thing that makes exchanges examples of banks for the cryptocurrency market. Crypto is about privacy, but KYC eliminates it.
It's sad that KYC verification becomes obligatory.

[zasad@]

I constantly meet topics about KYC, the most useful thoughts and facts can be found in this thread

Why KYC is extremely dangerous – and useless
https://bitcointalk.org/index.php?topic=5221497

[Reid]

KYP does not solve the issue of companies being careless with the data we provide them.

What consumers need is a transparent way of how companies treat our data, or eat least penalties severe enough for the companies in order for them to get scared should our data get leaked, sold or misused in any way or form. Provider details are usually seen on their whois, and could be followed-up on a trip to the government agencies responsible for registering them--that is if legal action is needed or whatnot.

Knowing the faces of those who run the show does not provide any guarantee that our data will not be compromised.

This explanations is like the shallow of all. Some are really deep that I could not understand it anymore.
Well, thank you for that.

First time I heard about KYP and I am still curious about how far it could go.
KYC though is something which is really scary for most of us users here specially if we are leaving our currencies in exchanges.
This is also why there are a lot of members here who always tell to not leave it for a long time in exchanges specially those who are registered to them with all the information.

Transparency and privacy. Could this two be married? I don't think so.
They cannot show how the privacy is being done. That is why it is private.
But if explained in a way that would only be understood by those who studied it like programming then not much people would care.
So how?