Why KYC is important?

[peachaston4]

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.

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.


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

[agricointech]

Great article,thanks for your sharing

[dokie987]

KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

[islakevin]

thanks for the info thumbs up to youuu

[ak49er]

KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

It would be great if the development team passed kyc before running ico, then there would be less scam. It seems to me that such a rule will soon be introduced

[Dlugina23]

Who need kyc when price is under ico?

[Dian sugiarti]

Thanks for information and your sharing.

[ragavancoin]

Yes you are right the KYC is important to participate any ico because of some countries already regulated the crypto currency exchange so in coming days the KYC willl be important to participate any ico.

[Zadicar]

Yes you are right the KYC is important to participate any ico because of some countries already regulated the crypto currency exchange so in coming days the KYC willl be important to participate any ico.

When we do talk about lessening the risk of scam then KYC implementation would really be a helpful thing but we do all know this would really remove the decentralization or the true essence of cryptocurrency because identity has been already revealed which means there would be different opposing parties would really be like or don't like such implementation or decision made by putting up KYC on ico investments.

[Quidat]

Yes you are right the KYC is important to participate any ico because of some countries already regulated the crypto currency exchange so in coming days the KYC willl be important to participate any ico.

When we do talk about lessening the risk of scam then KYC implementation would really be a helpful thing but we do all know this would really remove the decentralization or the true essence of cryptocurrency because identity has been already revealed which means there would be different opposing parties would really be like or don't like such implementation or decision made by putting up KYC on ico investments.

I myself don't really like on having that KYC.It might be important to protect investors side against potential scams but you are already risking out your identity which I do see that most people don't really like to do such thing.Investment will vary on the interest of an investor if he/she decided to proceed or not as long he do know the risk on giving out informations in nowhere.Even on bounties there are already kyc requirements which is really very dangerous into ones privacy.

[AngelSky]

Yes you are right the KYC is important to participate any ico because of some countries already regulated the crypto currency exchange so in coming days the KYC willl be important to participate any ico.

Ifvyou are participating in any ICO bounties. There is no requirement of KYC or anything. If you want to invest on ICO token sale that time token escrow will ask you for KYC details.
Since we found many scam happening on ICO investment now KYC details has been collected from the investors and project owner also use share their complete details on their white paper and on their website too.

[nie417665]

In order to comply with legal regulations and anti-money laundering, this aspect is very important. Both the exchange and the project must comply with the law.

[sale.kripta]

Thanks for the article, I fully agree that this is the necessary procedure. There are requirements of laws that need to be fulfilled both for developers of crypto projects and for investors.

[cryptomadhav94]

Today the world is facing identity theft and almost a whopping amount of $200 billion is lost every year in identity theft. The world was really craving for a solution that can help in solving this identity crisis until now. I recently got to know about velix.id which is working to create a platform for frictionless identity verification on blockchain technology. 

[hh4mmm]

although sometime the introduction is KYC is meaningful to me, i know some don't accept it but all we have to is that to adjust to kyc system.

[Mordvin]

Interesting article, well, I understand for investors, introduced a system of KYC but Bautista also started some companies to enter

[h55]

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.

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.


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

there are so many reasons that make the KYC be important for example some countries has tax, then when you fill the KYC form they can track you easily. and also some of ICO's located in some region of the world that they catch tax from this companies and it is needed for them. but I think crypto created for people trade Per-2-Peer so KYC is not harmony with the initial goals of crypto

[wdnj]

KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and  this is the disadvantage of KYC system implemented.

KYC (know your customers) can be cheated, KYC are required to know one investor where from.
But anyone can do KYC with fake identities, as many identification are stolen online, this is the risk on doing this system with some ICO.
If the ICO is a scam or even not we dont know if our documents are same with them or not.

[vadim.etc]

As usual, this is another way to weed out, and to be more precise, then reduce by a couple of orders the amount of bounty hunters participating in the project. For developers, it's just wonderful, and pay less, and you can immediately weed out people from countries where payment can be a problem.

[josh07]

the kyc is especially important for the members of the campaign especially for investors because for secured and avoiding scammers just kyc because the other wallets do not compatable the erc-20 token on their wallet so they need KYC