Why KYC is important?

[kingcrypto-the2nd]

kyc is part of regulation,i think somehow is a welcome development.

[Haunebu]

I do recognize imposing of KYC on crypto as a welcome development since this whole KYC process goes against what crypto generally stands for. The primary reason majority of the investors including myself entered the crypto market was to earn big profits(short term or long term) in an anonymous manner without being traced back to our original identity.

KYC effectively nullifies this and there is little difference between banks and crypto when it comes to investing in this aspect. I get why ICO's are implementing this stuff, but I do not support it.

[serkhio]

I never seen the importance of the KYC. Usually KYC is adopted to avoid laundry money, but in the ICO it is only to make sure that u are not from some countries like USA, China etc.

[Wend]

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.

That's so it will important the KYC to the project to those who want to invest in the project. Actually it can easily avoid to the people that have bad intention in the project. So we cannot expect on that on why this KYC is so important on the project.

[owlman]

Now more and more companies are demanding KYC when investing in their project, and this is really a painful topic for investors. But I do not think that all data is collected for the use of our information or the transfer of this information to some services. Probably this is a forced measure for the project, to protect itself ...

[cryptogirlboss]

Thanks for the explanation (and the shilling lol)

I still hope for a day where I can have a KYC service where I can use it for any ICO, instead of having to re do it every single time!

Its a huge waste of time if you think about and also not secure to provide data using google forms and such

[peachaston4]

Thanks for the explanation (and the shilling lol)

I still hope for a day where I can have a KYC service where I can use it for any ICO, instead of having to re do it every single time!

Its a huge waste of time if you think about and also not secure to provide data using google forms and such

Yeah. It is very tiring for investors to go through the whole process each time.

[duyduc256]

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.

That's so it will important the KYC to the project to those who want to invest in the project. Actually it can easily avoid to the people that have bad intention in the project. So we cannot expect on that on why this KYC is so important on the project.

KYC is very important because almost all present exchanges require all ICO projects to be KYC and 90% of all projects comply with this. I personally choose the project with KYC as it will help investors feel safer when investing and can remove bad people in the project.

[joni727397sri]

Based on the above provisions, it is understood that through the implementation of the principle of knowing the customer, it is hoped that the bank can identify suspicious transactions in the beginning to mitigate various risks such as operational risk, legal risk, concentration risk, and reputational risk.

[VernonRoshe]

I do not think KYC important. I do not support it. And not when I'm not going to participate in the bounty companies KYC will require from their employees.

[longwintershere]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.



Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io




**edit: KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.

it is necessary to protect themselves from the regulators. As now the regulations are not set for ICOs yet, they need to lay it out themselves and then when the regulation comes, hope it was enough

[retrend]

I read somewhere that the KYC is a requirement of the top cryptoexchanges

[Britanshio]

I think its ceated to prevent investing big money from one investor. To control this he making identity their clients

For me they used KYC to avoid multi account and eliminate spammer.They decide it  because for them this is the best way to make them more relevant by giving tokens to thae only one person.

[trinhdinhthang20007]

A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.

1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”

2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.

There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.

We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.

However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.



Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io




**edit: KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.

KYC is obvious for projects that need to be legal and formal, but when it comes to looking outside we have not identified the real damage, not determined information, the use of KYC is still very difficult. towel for the players. If a third organization confirms that good projects are under control, I think this will be a positive development.

[leynylaine]

Of course it would gladly help the developers on whoever they are giving their coins to. It's for security purposes.

[Genzdra24]

The KYC is important because you must know who you dealing are.This process is  implemented by many industries even outside of the crypto space. This allows organisations to know the people they are dealing with, allowing them to filter out malicious individuals.This  is now standard practice for any legitimate ICO looking to raise funds. These processes not only benefit the project implementing them ,but also help to protect those with interests within the project.These processes are designed to filter out those with no real interest in the project’s success. They are simply interested in cleaning their dirty money by pumping and dumping in ICOs. It’s an easy way for criminals to launder their money, making it hard to trace its true origins.