Why KYC is important?

[twostepsally]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

KYC is (know your customer) important information for the customer . If most for the process use the KYC. It use for the all prices. If need any loan first need for the customer KYC. This proof is important for the connection to the customer. Most of the company and bank ask for the KYC for next level process. It important for the country people information for some process and it will give the freedom for the country and give approved . Your the citizen of the country.

[CryptoAllDay]

KYC is important for limiting who can participate in investing in ICOs, as well as filtering out people from regions that are legally not allowed to be participating.  I think it's a good thing, especially when combined with investment limits as it gives more investors a chance to participate in a fair ICO.  My only concern is false ICOs that collect your data and images of your drivers license or passport.

[iAMawi123]

It is because in order to know and identify different information of your customer and for your customer. Also, it is to prevent criminals or other harmful entities to join or to partake if they have any bad plots. Also to prevent money laundering.

[altcoinhunter01]

KYC is a good thing as if anyone buy a coin in ICO by giving his details then it can be proved that it is a legal investment and if you get good profit from that investment in long run, no one can ask you any question about your earnings because your investment is already KYC compliant.

[aces777]

Is it really a good thing?
Investors will come in from US, Canada and other countries which have restrictions. Yes, that is good on the side of the ICO company. Then what about those who wants to keep their profile at minimum?
They want ID's, address and every information including your Mom's maiden name.
Where is the decentralized crypto now? All of us is an easy target by thieves and could also be hacked anytime.

As soon as KYC came into play, decentralization and anonymity of cryptocurrency was gone, its a good thing as you deal with the people you know. but the promise to remain unanimous is gone.

[gareng1468]

KYC is important to know the distribution of sales tokens on sale to whom, this is somewhat frustrating to investors because their data will be uploaded in the database of coin publishers so that the nature of the confidentiality of personal data can be accessed by anyone clearly provide traces on the internet to the owner, and if this KYC in run by SCAM makes our personal data vulnerable to abuse by criminal ,.

[Ozero]

The developers of the project must know to whom they send their tokens, plus the passage of the KYC procedure for the international community has become an intensification of the fight against international terrorism and criminally acquired assets. Therefore, project developers implement this procedure to know their potential investors.

Then we can say that sellers of any goods on the market must know to whom they sell their goods. Imagine, for example, contact a campaign selling a brick for building a house, and then they tell you that in order to prevent money laundering and terrorist financing, they must conduct a KYC check and before you buy any goods, you will have to fill out various forms and provide their personal documents and other confidential information to themselves. Is not it stupid? And the current requirement to pass the KYC test in the generosity campaigners who do not even invest their money, but simply advertise the ICO projects and attract investors to them, is not this absurd?

[mobilazy]

It is important because governments want to control crypto and centralized exchanges. Will be hard to list your token on major exchanges if you haven't done any KYC. Which is stupid as someone entering those exchanges needs to go through a tedious verification process. We need the decentralized exchange hosted in the space, broadcasting wifi signal all over the world. Can then say "f*ch off" to all those politicians who fed by banks and only pretend that they serve people.

[Teraboy]

Why KYC is mandatory now. ... KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on

 If you're like most people, you probably didn't hear anything about KYC until you signed up to buy DAT, but as cryptocurrencies become more ... Understanding Identity Verification (KYC) For ICO Token Sales ... It's important that we do these checks because it protects you as a contributor to the project.

The purpose of KYC is  to protecting ico. Because there are so many coutries are banning ico. KYC verification to make sure if you are not from those countries are banning ico right now. Because IP ban can be avoided so easily by use private connection such as VPN, Socks and other. That means KYC will become very effective way to filter the ico participants. To make sure those people from countries are banned ico don't participate,.

[Luna0120]

KYC allows to legalize cryptocurrency in the financial and bank sphere. The anonymity and mistrust to owners of coins disappears, so allows cryptocurrency to be widely adopted more in our life.

[Valuyet]

I think KYC is important only for Secs and regulations because the government wanted to know who are the people involved on investing their ICOs,
But I don't think KYC works perfectly because when you do sell your coins, you don't know whose buying it and most coin exchanges don't require KYC when we're getting to pull out out altcoins into our personal wallets.

[dustboy]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

So what is the best thing to do in your opinion? You say KYC is important but you say it is not good to submit personal information. Do you think there is other way to do KYC except submitting personal information/documents?
People who are willing to send their personal documents means that they are ready for any risks of it. It is basically personal choice, if you do not like it then dont do it. If you are OK with it then you can go for it.

[peachaston4]

Yes KYC is important but giving your personal information and documents likes drivers license and passport to the ICO Company is not good. This is because they might use that information against you or sell it to the blackmarket.

So what is the best thing to do in your opinion? You say KYC is important but you say it is not good to submit personal information. Do you think there is other way to do KYC except submitting personal information/documents?
People who are willing to send their personal documents means that they are ready for any risks of it. It is basically personal choice, if you do not like it then dont do it. If you are OK with it then you can go for it.

I agree with your opinion from the investor point of view. The thing is, from ICOs point of view, it is very hard for them to abide by the rules in order to not get shut down and appease the investors at the same time.

[peachaston4]

I think KYC is important only for Secs and regulations because the government wanted to know who are the people involved on investing their ICOs,
But I don't think KYC works perfectly because when you do sell your coins, you don't know whose buying it and most coin exchanges don't require KYC when we're getting to pull out out altcoins into our personal wallets.

KYC is a legal obligation which ICOs have to do in current times. If not, they will always have the risk of being shut down by the country of operation. As we are in here for the long run, we need to take measures to prevent shutting down of operations.

[tiggytomb]

Know Your Customer is important as it helps to eliminate possible money laundering attempts and fraud.  Many ICOs are looking to get this information from the off no matter how much you are investing which to me I think is quite dangerous as there will be many fake ICO attempts to take people's money and also their identity via the KYC process so people need to be extremely vigilant and protect your ID in the same way you would you private keys.

[vastmast]

I think kyc does not matter. People in the crypto world must remain anonymous. After KYC all identity information is in the middle, decryption is wrong thing in crpto world.
Kyc is not important in my opinion

[crimsongoth]

KYC is a crucial process for cryptocurrency and related ICO projects to be accepted in the real world. Because the world of fiat currencies doesn't want existing financial processes through currencies from unknown source.

[EckhartJV]

The fact that KYC requires one"s identity to be availed eliminates the unanimity of the crypto user. one of the strengths of cryptocurrency is keeping its user unknown. KYC is however important when seeking investors who would like to see identity of the people taking part as an assurance so that they know what they are getting into.KYC is therefore important but not very necessary.

[Don Stefanello]

Yeah i mean, KYC is become important only because of the regulations, and thats the way they want to go if we want to have something normal happening in the crypto world, its all cool to have decentralized stuff, but its basically wild wild west out there, so its not THAT cool as one would think

[CrazeCoinz]

I think kyc does not matter. People in the crypto world must remain anonymous. After KYC all identity information is in the middle, decryption is wrong thing in crpto world.
Kyc is not important in my opinion

The world of cryptocurrency has already evolve and those were the old style with no KYC. It's now mandatory by the government that those ICO which under their jurisdiction will require a KYC process or else they will be shutdown. Although some are not asking KYC but I think this is now the normal process we will expect a KYC in every ICO soon.