KYC in ICO & Trading account

[Joyjit]

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.

[kipozer]

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.

[Pom_bensin]

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.

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.

[ac2eugenio]

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.

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.

[Alpha0One1]

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 

[lalabotax]

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.

[Sniar]

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.

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

[Dydot]

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.

[liangweicha]

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?

[Joyjit]

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.

[Murloc]

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.

[KTPU777]

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.

[cryptocue]

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.

[Crasengover]

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.

[N-gen]

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

[makishart]

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.

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.

[Alanpigi80]

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

[vv181]

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.

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.

[happycamper69]

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.

[brotherwood12]

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 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