KYC/AML requirements and (EU) data protection

[Fonebookhead]

Why would an ICO  need to use KYC laws?  they aren't a bank and you aren't opening an account..
and why would anyone give an ICO any of that info?
A bunch of random people make a coin... bad enough they can run with your money, now they can sell or use your ID info as well?
awesome, double fraud bang for your buck.   where do I sign up?




If you believe an ICO should follow kyc I have one for you.
I only need your:
social security number
birth date
passport or government ID document  (scanned in, both sides, so everyone can read everything clearly)
legal address (and any others over the past 5 years)
and a copy of your credit report.. they need to make sure only good people get this ICO... (you deserve it, it's exclusive) actually just check this box and we can order one for you shipped right to us, see how awesome we are, thinking of your convenience.   see you on the moon

[Mc_Moneysack]

Why would an ICO  need to use KYC laws?  they aren't a bank and you aren't opening an account..
and why would anyone give an ICO any of that info?
A bunch of random people make a coin... bad enough they can run with your money, now they can sell or use your ID info as well?
awesome, double fraud bang for your buck.   where do I sign up?

At least in the EU any company has to comply with AML/KYC rules if certain thresholds are met. So there is a good reason for ICOs to ask for ID/passport.

[Rustamm]

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

Yes, but why require identification data and copies of documents from signatory campaign participants? We are not investors of the ICO project. I think this is just arbitrariness on the part of the ICO team. I have not seen anywhere so that any of them justified their demand to pass the KYC check by the participants of the campaign of generosity. The only logical conclusion here is that the ICO campaign requires bounty hunters to undergo such a check after the end of the ICO only with the aim of not paying the earned tokens.

[carlfebz2]

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

Yes, but why require identification data and copies of documents from signatory campaign participants? We are not investors of the ICO project. I think this is just arbitrariness on the part of the ICO team. I have not seen anywhere so that any of them justified their demand to pass the KYC check by the participants of the campaign of generosity. The only logical conclusion here is that the ICO campaign requires bounty hunters to undergo such a check after the end of the ICO only with the aim of not paying the earned tokens.

You are just simply pertaining or do focus on bounty campaign which do ask KYC requirement in the end of the sale.I agree that it doesnt really have any sense why they would require such thing yet they are not really investors and just promoting the company?I dont see it was right for them to comply with those things.Intentional or not, having that kind of thing being asked would really put us on doubts as a participant. Data protection is main concern on here but we cant be sure if those informations are kept and wont really exposed out.

[swogerino]

Any KYC/AML is against crypto decentralization, you lose your privacy by following KYC/AML when dealing with crypto. I think that is why Satoshi created Bitcoin addresses with 34-36 characters and not with user names, name surname and these kind of data.

I think he wanted to create a better system than the already existing banking system which is tied exactly to KYC/AML procedures.

[BitHodler]

Any KYC/AML is against crypto decentralization, you lose your privacy by following KYC/AML when dealing with crypto. I think that is why Satoshi created Bitcoin addresses with 34-36 characters and not with user names, name surname and these kind of data.

I think he wanted to create a better system than the already existing banking system which is tied exactly to KYC/AML procedures.

It may sound harsh, but it doesn't really matter what Satoshi envisioned Bitcoin to become in this case. We have to deal with authorities all trying to figure out what's going on in the centralized part of our ecosystem.

Most people when buying their first coins do that through one of the many exchanges we have, and when fiat is involved, you are subject to everything related to the KYC/AML policies. It's up to you whether or not to proceed.

If you don't want to deal with any of this, then you should avoid centralized services and just focus on local trades. It's impossible to expect governments to let crypto gain ground without doing anything.

[entrepmind23]

Any KYC/AML is against crypto decentralization, you lose your privacy by following KYC/AML when dealing with crypto. I think that is why Satoshi created Bitcoin addresses with 34-36 characters and not with user names, name surname and these kind of data.

I think he wanted to create a better system than the already existing banking system which is tied exactly to KYC/AML procedures.

But then we don't have much of a choice if that is what the government wants. Government doesn't want to lose their control of the people that's why they are implementing this rule regarding KYC/AML. If you are not doing anything illegal then you shouldn't be afraid of this. There are rules anyway as to what point they can use our data so if we wanted to continue to use cryptocurrency then we have to abide by the rules. I know that decentralization is the key for us to have freedom from the government but then what can we do at this point?

There are many people who abuse this freedom being unregulated so they scam others. We need protection that's why AML/KYC is required especially in ICOs wherein we don't know anymore who are legit and scam. When someone strictly follow the rules then at least we know who are the people that are accountable in case something wrong happen.

[Leyss]

This is the standard rules on the protection of personal information which exist in most countries. What this gives you? Fine? Lol! How can you prove who has become a source distribution of your data? Access to these data has several sources. If you need complete privacy you need to live on a desert island.

It is just in these regulations that anyone can gather confidential information. information of citizens .. In my country, the law on the protection of confidential information of citizens, which states that the collection of such information can only specially authorized state bodies, which should ensure its safe storage and preservation. From the point of view of this law, public organizations or any non-state structures, including ICO teams, do not have the right to require me to provide confidential information. Especially, if ICO commands do not pass any verification themselves and in many cases are fraudulent.

[coinstalker23]

This is the standard rules on the protection of personal information which exist in most countries. What this gives you? Fine? Lol! How can you prove who has become a source distribution of your data? Access to these data has several sources. If you need complete privacy you need to live on a desert island.

if I can assume you just follow the rules as there is a new regulation that is KYC because it is for our good that our money is always protected from the thieves.

There is no safe place for hiding your data the NSA has already tracking down and violating your privacy.

The one who you trusted your personal data like social media, networking sites is similar to KYC, they have been always there and just keeping

an eye on your data.