Why KYC is important?

[extremegym]

Data validation is very important! It seems to me that in order to avoid meeting with scammers and other fraudsters, you need to verify payments!
By the way, the blockchain will help us

there are both sides of kyc: pro and contras, but if u're law abiding citizen there is nothing to be afraid of.

[Rhamon]

I think KYC is important for those who participate in ico because some countries have set up a crypto currency exchange so this will make it easier to invest safely.

[natka]

I think KYC is important for those who participate in ico because some countries have set up a crypto currency exchange so this will make it easier to invest safely.

certainly some countries have very strict laws on financial turnover. First of all, this is connected with the ban on laundering money obtained by criminal means, or making it impossible to finance terrorism.

[CathalG]

KYC is the obligatory process if companies take seriously the law.
I believe that the most vital law is related to money laundering and terrorist financing.

[Walter789]

The KYC or know your customers is one of the most important part of ICO which is some bounty campaigns or ICO's project are asking for all participants to pass all their identities. This is mandatory for those projects that belongs to the county thay has a strongly security to prevent laundering activities.

[extremegym]

KYC is the obligatory process if companies take seriously the law.
I believe that the most vital law is related to money laundering and terrorist financing.

just be sure to share ur personal data to reliable hands. otherwise ur data can be used by intruders.

[narielle]

A lot of people do not want to have a KYC because it seems like giving all of your information. I do not want also to pass KYC but because some exchanges require it, I can't do than to pass my personal data. KYC is important but I think it should be necessarily to all since we want here is privacy and anonymity.

[pk lurah]

in my mind, if the KYC policy is so important. People use our products and if you make something they do not like they will stop using it. And also this will help us keep our stakes safe but only if we are sure that the ICO we follow is safe. But given the nature of the business, we know that there are many scammers.

[maromak]

thanks for the information, yes you are right KYC is very important in ico participation. now it is the country that will make arrangements about the crypto currency. and KYC is very important and needed by ico.

[btsjungkook]

KYC is the process of knowing the identity of such particular user that is why they required national identification of their requirements and that is to control the illegal activities in bitcoin, i think that is a move from government to control any money laundering or track bitcoin activities of a particular person and that is to avoid such crime in using bitcoin.

[Electrohell]

Thanks for this very useful review, KYC is important in following an ICO, but I think kyc enough to use ktp alone is enough and not complicated, in ktp our identity is complete, no need any other extras

[raes]

Yes No doubt many people dislike the KYC because they have to provide important information. the fear that is definitely there where this information can be used for crimes. but until now it seems like there has been no case of utilizing this. I guess the KYC is used only as a data holder to their investments, no cheating inside. all this just to anticipate it.

[watchurstep45]

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

KYC is very important in ICOs , in order to know the identity of their customers and it is wortth to sell a token to them. most ICOs and bounty right now is requiring KYC for legitability.

[bornMercurial]

I want to say if KYC is important to verify the identity of the participants or to verify its investors to know that it is a real person and not a robot. so KYC is indispensable because the crypto market is a new market and many people pour their money into this market, many of them invest from the illegal source of money, they use ICO like a tool for money laundering, this is very dangerous for society so that KYC is important.

[robelneo]

KYC is good for investors and exchanges but a big no for bounty hunters because  they are just marketing the project and not a direct investors, but if the project can prove that they are compliant to sec and a legit company, why not, but the thought of your credentials landing to the black market is still there.

[hxtop]

I understand that KYC is legally required, but i'm not sure that the credentials we provide are kept sufficiently safe. And i don't understand the Selfie thing. In our world, we can face very strange accusations through identity theft.

[dedi joni]

I guess just to make sure the holder of the investment project. or know a member who joined in the project. There are also some manager who said bounty kyc to minimise acts of cheating from the bounty. but the most I feel is kyc is used as the new iso project promotion through email inboxes.

[btsjimin]

KYC is important because their are so many bots who are cheating the site and earning big, so to stop that spam they are asking KYC so that it should be clear that the player who won big is a real one and not a bot who is cheating it.

[Kwansimaa]

The security check of Knowing your customer is very important to ward of some bots and people who try to cheat in the sales of tokens or even bounty campaigns. Sometimes also some countries like the US and China does not allow their citizens to engage in the sales of cryptocurrencies and so in order for the team of the Initial Coin Offering not to be found wanting at the end of the day it is better for them to ensure that none of their participants is from such countries.

[Omparkash72]

No doubt in this KYC is important but at the same time it is very important for any customer to know about that to whom he is providing KYC, because there are many scammers active specially in crypto market for their bad intention and you are providing youe KYC to those.As far my knowledge KYC is only to know your customer,lot of person cheating here daily.So my opinion is it has both good side as well as bad side, Before providing your KYC to any ICO first be full confident about that ICO and then provide them.