Naturelooker (OP)
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February 17, 2018, 08:42:50 PM |
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From my understanding any ICO that caters to U.S. citizens must first register with the Securities and Exchange Commission. Not exactly sure what that entails. My question is what do they do with the KYC info they collect? Automatically send it to the SEC? The IRS? They must have some threshold or guidelines they go by. Does anybody know what happens?
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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coinoutraged
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February 17, 2018, 08:46:43 PM |
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That's a good question. From my understanding when it comes to bank, KYC information is sent to the government due to suspicious transactions. Or a significant large amount.
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Lock00Live
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Blockchain with solar energy
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February 17, 2018, 09:04:58 PM |
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Most ICO projects now require KYC verification to avoid fraud and increase project reliability. But verification of KYC also caused a lot of anxiety for investors because of concerns that their registration information was disclosed to the authorities. I think that in order to ensure a sustainable development of the cryptocurrency market, it is inevitable that sooner or later there will be a functional agency managing ICO projects to make it more transparent.
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yomarve
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https://cryptotvplus.com
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February 17, 2018, 09:10:33 PM |
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This issue of kyc is too much for me. I don't like kyc myself but what can we do about it now? Maybe nothing. Kyc is needed to guide against default of the law.
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RodneyKings
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February 17, 2018, 09:10:49 PM |
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Most ICO projects now require KYC verification to avoid fraud and increase project reliability. But verification of KYC also caused a lot of anxiety for investors because of concerns that their registration information was disclosed to the authorities. I think that in order to ensure a sustainable development of the cryptocurrency market, it is inevitable that sooner or later there will be a functional agency managing ICO projects to make it more transparent.
Having a certain agency handle the KYC information is probably more safe. I was hesitant to submit my documents because I don't want to experience hacking and identity theft but I don't have a choice but to comply with the ICO requirements. Hope there is actually other ways to prove my existence while protecting my important information. |
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BitCare
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February 17, 2018, 09:33:30 PM |
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For example, when you see KYC for bounty, I think that it is one of the best ways how to avoid duplicate entries and secure ICO. But I can't understand how this world of anonymity are transforming in legal field... I don't want to show everybody my ID and can't trast personal info...
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Naturelooker (OP)
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February 17, 2018, 09:41:22 PM |
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There is probably some threshold amount that if exceeded would seem suspicious and get reported. I'd like to know what it is so I don't cross it.
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Noelbetty12
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Now You Can Be The Bookmaker!
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February 17, 2018, 09:50:08 PM |
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From my understanding any ICO that caters to U.S. citizens must first register with the Securities and Exchange Commission. Not exactly sure what that entails. My question is what do they do with the KYC info they collect? Automatically send it to the SEC? The IRS? They must have some threshold or guidelines they go by. Does anybody know what happens?
This could be the standard procedure as I also knew in my country. The securities and exchange sees to it that the transactions abides by the law and that they the ICO project owner is not just another scam trying to make money out of any unsuspecting investors if their tokens. So i think this is a better way to protect the common people. |
【 MARGINLESS.IO 】 (https://www.marginless.io/) 【Now YOU Can Be The Bookmaker!】 |
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tokenburn
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February 18, 2018, 10:40:48 PM
Last edit: February 18, 2018, 10:52:25 PM by tokenburn |
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kyc icos never reveal what they do with info they collect so you can assume irs, sec, your bank, who knows. good for icos because that means banks and hedge funds can pariticipate, but not great for our crypto since entirety of crypto world is based on cryptographic privacy. kyc is the exact opposite of what crypto actually is.
best to invest in icos based in switzerland, hong kong, etc where people are free.
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