MediBloc (OP)
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October 07, 2017, 11:07:01 AM |
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Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
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peschi
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October 07, 2017, 01:11:44 PM |
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Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
Depending on the country where you start your business you have different rules. Tenx invested ~100k USD into research of local law to build a solid base for their ICO. I think this is necessary before you start an ICO. I heard, that in the European Union you have to do KYC if people are investing with fiat - if they invest in crypto currency then you don’t have to do KYC. |
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Emoclaw
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October 07, 2017, 01:42:50 PM |
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From this article here: https://flagtheory.com/successful-initial-coin-offering/If you consider your ICO a security – then yes – absolutely KYC needs to be collected and also you need to determine whether the purchaser is an accredited or professional investor. However, if you consider your ICO as a token for use in your product – then typically there isn’t a requirement for you to check each and every customer. This could however be disputed, as while in daily commerce not every transaction is screened against sanctions lists – businesses are not allowed (or not legally allowed) to do business with someone who is on a sanctions list. You might wanna do it anyways depending on the country of operation. |
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ludovicvuillier
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October 07, 2017, 03:19:41 PM |
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It depends on the ICO's legal jurisdiction.
In some places you do, in some you don't.
That's why we chose Saint Vincent and the Grenadines to launch the ICO, to make it easier for the investors.
Afterwards, our operations will move to an additional jurisdiction on purpose so we can get regulation for our project but that will be unrelated to the ICO investors.
So it depends on how you want to set it up (as the company) and what the plans are.
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Dullmartini
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October 07, 2017, 03:25:31 PM |
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Kyc is necessary to prevent dirty money (ie money that is the proceeds of crime) from entering the financial system, to prevent funding going to terrorist organizations and to prevent funding going to people on sanctions lists. It doesn’t matter if it’s a security or not. Even banks have to do kyc when you open a plain vanilla bank account at least in the usa, eu,Canada.
I do think it’s necessary because I’m really tired of global terrorism and terrorists can’t carry out their acts if they have no access to money.
Why is it awkward to do kyc on an ico?
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jezus
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October 07, 2017, 03:30:18 PM |
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What ico have kyc?
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Champ1
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October 07, 2017, 04:22:07 PM |
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Completely depends on the country you're situated, since they might be heavily regulated which is the reasoning for the KYC.
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susila_bai
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October 07, 2017, 04:29:30 PM |
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It is very good that if ICO asks KYC but that is for fiat currency investment only but even if you are investing heavy investment in ICO through cryptocurrency also you need to fullfil the KYC documents. But in this process we cannot say that if the ICO created are scammers then they can use your documents for forging also. and the main point of cryptocurrency success was to not give any identification documents to reveal the identity.
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Crankautist
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October 07, 2017, 04:29:47 PM |
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Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
Yes of course. Wont escape AML and KYC. It is just a question of time. Governments wont accept black money - never. |
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luffy7
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October 07, 2017, 04:30:28 PM |
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KYC makes the ICO more legit and easier to list on bigger exchanges.
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buxlover
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October 07, 2017, 04:46:00 PM |
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I think that's necessary. The more the ICO KYC registration the more legal status it will gain in the social network which is now getting important because of today's untrusted factor of ICO projects. If they are doing the KYC that means they are bound by some sort of law and they have to show their every transaction to the government which means our money is being put into safe hands. This is pretty amazing as we could trust these ICO more and invest into them with free mind.
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~Bitcoin~
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Activity: 994
Merit: 1000
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October 07, 2017, 04:50:09 PM |
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It completely depends upon where those ICO were based on and as recent changes in legality of ICO in many countries like china and korea, it is quite mandatory for all of the project to have kyc policy in place to get rid of any legal issues in future.
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coingrow
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October 07, 2017, 06:30:06 PM |
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For most of the ICO's, american citizens cannot participate in them and to keep them away these ICO's are asking for KYC. If you are a american and want to buy into ICO, I suggest you should use VPN. Why buy them from exchanges at a higher price. On the other hand, for most tokens, prices are going below the point at which the token was sold during ICO. So just be careful on what you buy!
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thepo1m
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October 07, 2017, 06:53:27 PM |
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It is just an issue of trust, because most of the developers do not trust those investors, they will have protect themselves from all these various government agencies in case of future legal issue
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rayk
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October 07, 2017, 07:14:20 PM |
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I think it depends on where you will start your company and ico. usa, switzerland or singapore? I see regulated projects use different kind of methods for kyc requirements so it depends on laws
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pstraene
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February 19, 2018, 05:07:52 PM |
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LYMPO want to have KYC. what can we do ?JOIN THE LYMPO TOKEN SALE NOW
Know your customer ('KYC') is the process of a business identifying and verifying the identity of its clients. It is vital for Lympo to comply with the regulations by various financial institutions in order to build a successful company. Please take a look at our token sale terms and conditions as well. Have your passport and your proof of address with your name on it ready!
Dear Lympo supporter,
This is a reminder about our airdrop for Lympo pre-sale participants!
Don’t forget to do your KYC here until February 28: https://lym.finpass.eu/.
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akashark
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February 19, 2018, 05:15:13 PM |
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Actually, KYC is not a big deal anymore I guess. Day by day scammers and spammers are increasing incredibly in ICO project. That's why ICO projects is trying to find out those scammers, This is just my opinion though, Besides this, There are some rules about it like If someone want to participate in ICO who lies in European resident then he must do KYC.
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bigdogdan2
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February 19, 2018, 05:20:06 PM |
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ICO is banned in some countries, so KYC is needed to prove you aren't from those countries.
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pstraene
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February 19, 2018, 05:27:37 PM |
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Actually, KYC is not a big deal anymore I guess. Day by day scammers and spammers are increasing incredibly in ICO project. That's why ICO projects is trying to find out those scammers, This is just my opinion though, Besides this, There are some rules about it like If someone want to participate in ICO who lies in European resident then he must do KYC.
and when the team from the ICO after ICO runs away and sells the data? And then buy weapons or drugs with your ID card. And two days later the police will ring the bell? What do you do then ? Big eyes ?? |
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Kolokoy
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OMNI TOKEN PLATFORM FOR PAYMENTS
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February 19, 2018, 05:32:02 PM |
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 Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
If that's necessary then it's fine for me because I didn't hiding on any hoods because I am a simple guy with no criminal records in local and international. If they require our identity information before investing then so be it but one thing they should do, that they're going to keep the records only on their vault and not be going expose to anyone else or any organization that might find useful for their advantage. Our identity should remain private together with our Crypto Assets to keep ourselves away from future scams and frauds.
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