Why KYC needed for ICO ?

[CryptoTamer]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.    

KYC compliance can help the project in many ways, for example
-, KYC compliance will help the project to reach a larger global audience
-, KYC compliance will help projects to register coins or tokens on some exchange "exchanges are beginning to exclude coins or tokens that didn't properly implement KYC processes"
-, KYC compliance can help the project to obey the regulations

[1714755058]

1714755058

[ZandC]

for reducing cheater so one bounty for one account bitcointalk but it's not all bounty applying this system

[gwaposakon]

KYC was first introduced in banking system which was eventually carried over to cryptocurrency industry. Know Your Customer or the Anti-Money Laundering process is a due diligence process by which a company can verify the identity of its customers, making sure that the money they wish to send was acquired legitimately and that the customer is not a part of a sanctioned list, a criminal, a terrorist, or a corrupt organisation.
Essentially it was created for ICO to know their customer and check if they belong to countries not allow to deal with crypto.

[googs84]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.     

No ICO are not required to collect the KYC from bounty participants and if they are doing so then it is completely absurd thing.

Bounty token is reward to the participants and it is not a sake technically so it doesn’t count for that one. If you see any ICO is asking for the KYC then either they don’t want the participants to be happy and want them to leave so that they can save their tokens and nothing else. It’s not a guess but it’s reality. 

[Tigerheart3026]

KYC.legal is an authentication system. ICO platform began in December. KYC.legal, as you may have guessed from the title, has aim to provide a better system for testing your client’s knowledge (KYC). Today, banks, financial institutions and crypto-currency exchanges should comply with the requirements of KYC. Basically, it means that these organizations must collect and verify personal information from clients. It is designed to prevent fraud, and is also often combined with the verification requirements of the money laundering (AML).

In any case, KYC.legal wants to create a better system for checking KYC / AML. This system is aimed to provide advantages of users and companies by developing a single, unified, user-friendly solution. Instead of individual fill requirements KYC from each service provider you can locate this on one platform.

Absolutely right, KYC can prevent scam and fraud. Many people getting scammed and lost money.
You also said about Bank wants her clients personal information for verifying her identity. Now maximum crypto-currency exchange site taking KYC for trading. Otherwise, they are giving limitation.

Money laundering is also a bad thing, so ICO and the financial system takes KYC.

[reda]

KYC was first introduced in banking system which was eventually carried over to cryptocurrency industry. Know Your Customer or the Anti-Money Laundering process is a due diligence process by which a company can verify the identity of its customers, making sure that the money they wish to send was acquired legitimately and that the customer is not a part of a sanctioned list, a criminal, a terrorist, or a corrupt organisation.
Essentially it was created for ICO to know their customer and check if they belong to countries not allow to deal with crypto.

KYC is know your customer. Careful to share the KYC information.
 So if sell the  ICO project token. It need to for the customer information. So that the reason of need for the KYC. But ethereum also need for the token sell. So learn the information before sell. So follow the rules and guidelines. It save you information and no one can get your information. It safe. So share the KYC this information important of all process.

[Jabiii]

There are some ICOs that are strictly prohibited in some countries because sometimes their project is illegal. They need also to know your information enable to know your details so they can assure that you are a safe person to lend their ICOs.

[dewanaga]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.    

KYC compliance can help the project in many ways, for example
-, KYC compliance will help the project to reach a larger global audience
-, KYC compliance will help projects to register coins or tokens on some exchange "exchanges are beginning to exclude coins or tokens that didn't properly implement KYC processes"
-, KYC compliance can help the project to obey the regulations

very clearly indeed KYC helps ICO to be more secure, unlike some cases of ICO without KYC and now become scam,
we must be carefully for choose ICO.

[dkkhfhar]

Because of some national laws and regulations, in some states of the United States, China does not support ICO, and it needs KYC to filter users well.

[Vivif]

Just a few ICO need a KYC. This is for legality from the country. KYC on ICO is needed for now because we are in on cryptocurrency legal space. So KYC is needed to know who is in, to anticipated terrorism and illegal activity.

[Mig-23]

Because we can not give you something if I not know who you are, and it will give the transaction more secure because we know about the customer so if in the future there's a problem about the transactions or project we can know and get actions to make effective solutions

[Irvinn]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.    

There are country has strict rules about the ICO thats why its needed , for example some country ban ICO so if you are citizen of that country you cannot join the ICO and KYC is the way to confirm that you are not living there.

That is, the above confirms that for the participants in the ICO generosity campaign, and in particular for the signatory campaign participants, the KYC verification should not be conducted at all. We are neither investors nor participants of the ICO campaign in the sense of an established ban on participation in the ICO of some of its citizens, such as the US and China. This ban was introduced to prevent material losses of these citizens due to the risky investment of their funds in the ICO.

[Wearegoodfrends]

This is done to ensure that all ICO tokens are not in the same hands. This is also due to the legislation of some countries that prohibit ICO.

[zeze18]

Initial coin offering has been quickly emerging as the new fund-raising method being used for launching a business. Recently we have seen the requirements of KYC for ICOs are increasing. And many investors are not supporting it. I want to know why exactly do ICOs need the requirements of KYC.     

Because they make sure the one who buying their tokens is a legal person and not in the banned ICO area (usually an ICO have a country restricted for buying their ICO).
So that's why it's need, but if you want to have the tokens wtihout KYC, you can do bounty. Usually bounties doesn't need KYC for receiving the tokens.

[labake]

With no doubt or argument, we all know very well the acronym of KYc is Know your customer. With only the meaning, we can understand the major reason why KyC is being set up by ICO companies. Moreover, there are some restricted part of the world which are not allowed participating in ICO, they would be know through KYC and fish out

[Bugraaydin]

its need because all the world know is btc trade and ico. kyc needs to seperate them with know something people and doesnt know something people..

[Chacha1000]

Know Your Customer (KYC) is needed for ICO because it make the owners of a particular project to know it's customers very well. It prevents frauds to some extent

[Noobaru]

That's simply, because a country where ICO is held, demands them to comply with their AML and anti-terrorist laws as well as international ones. Also, this is proof that you are not living in USA, China or somewhere else where participation in ICOs is strictly forbidden.

[King Bounty]

I think it is necessary to avoid money laundry.

[Pecunia non olet]

KYC for bounties is good only for detecting multi-accounting abusers, but that is all, I think there should be another way how to fight with these fraudsters..