KYC in crypto, does it really require?

[Catmurs]

I'm certainly all hands against kyc , each person can choose to be anonymous or to reveal themselves , but recently the cryptocurrency more goes into decentralizatio , and it's sad!

[cryptovet2020]

For something as simple as an airdrop is not worth it, for some bounties, it is necessary because it is part of their policy and also helps them to profile their investors, of course, everyone is responsible for their privacy, so we have to see if it is worth sacrificing it for a few coins.

[Makinson]

I would suggest you to learn more about any project of ICO before you have decided to jump in. Do analysis everything that is needed. Many Kyc are there who aims to steal information about participants. Do avoid frauds.

If the coin has an active social media feed and they are okay with the community then it would lessen the hate for KYC verification. I don't want to do a KYC.

[btcmaster999]

Some ICO requires KYC and some KYC doesn’t require it. The main purpose of KYC in a project is to know clients basic identity, determination of customers risk in various sectors and monitoring their transactions.

[Sniper76]

Lately, many dishonest participants have appeared as bounty campaigns and ISO. As one of variants of struggle against them it is KYC identification.

[classictee]

It is not really necessary but I see it that most project developer are using it to scruitinize the participant in other to make sure no one uses fake and double registration. Buy doing so, it will create more chance for multiple people to join rather than only one person doing work of ten people.

[dreammoney710]

Though it seems a very confusing matter. In fact, I’m also not in support to provide my info where I've got a doubt. And our doubt raises more when we see that these ICO organizations won’t allow people from their own region.

[Zenon_v_Kition]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

So far, only a few ICOs are fully regulated. But that will change in the future. That's why the KYC / AML process is very important. In addition, decentralization and regulation are not mutually exclusive.

[sne.su]

KYC is certainly power. But only on the condition that it is unlimited. In the modern world, namely in the mass Internet infrastructure, we can not talk about unlimited decentralization, therefore, our KYC in the sandbox is some experiment. But I hope that it will be possible to implement a truly uncontrolled Internet, within which pure decentralization can develop along all the canons of cryptoanarchy.  Then KYC will not be necessary for us. In the meantime, let it be.

[94K]

I really know how KYC's in crypto has really helped people in the crypto world. If you want to succeed, I think you can add KYC to your project and it will be successful.

[poodle63]

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

So far, only a few ICOs are fully regulated. But that will change in the future. That's why the KYC / AML process is very important. In addition, decentralization and regulation are not mutually exclusive.

Almost all of ICO right now are regulation compliant means they are obeying the regulation in their own region, if not the authority will then seize the money they gathered and that means simpy death sentence to the project.
KYC and AML are one way to prevent money laundering and actually there's plenty of regulations aswell that is more important than KYC or AML

[Falconet]

Actually is really good way for legit projects to know about the people they are dealing with, on the other hand, scammers could also take advantage of this by stealing information, so it all depends on the background of the project and their team.

[dimastegar]

KYC is used to verify the authenticity of the user. But I am only worried if there is a misuse of data used by irresponsible parties. Which can hurt many people.

[chocolaty]

KYC is important to verify whether the user is not a citizen of a banned country of a specific project. Also, it is used to know whether the user have bad records from the past. It may reduce the risk for the side of the developer but it is risky for the user. Data breach is a problem that is still hard to prevent and solve.

[Samaaliu]

KYC is not really necessary in crypto. It is something that can be done away with if everyone will support its removal. But if the trend of KYC has to continue, then something needs to be done to protect people's personal information.

[Sponsoredby15]

The KYC requiments is for compliance to avoid regulators eying up on them. It is only just for formality and the team doesn't really care about it. But they have to no choice but to comply. On the other hand, KYC is being abused by using it to bounty participants because KYC is supposed to be used for investors and not for bounty campaign. I highly recommend  that you don't join or promote any ICO that requires  KYC on their  bounty campaign.

[redrose8226]

I think is bizarre and was not really need to imply. I agree with you statement. We are here to make transaction without any dependency. So providing info will prevent us to be independent

[cryptolovers990]

Well I consider it as a security concern. It may be good to prevent fraud and fake transactions. But it will surely reveal a lot about us which will make us vulnerable. Thus it will make us insecure

[2fresh]

I think is bizarre and was not really need to imply. I agree with you statement. We are here to make transaction without any dependency. So providing info will prevent us to be independent

What might be even more bizarre is the amount of people joining them anyway.

[kenjionline]

All the requirements for identity verification are mainly from lawyers. You have seen many times that every ico has restrictions on the participation of countries. But in cryptocurrency it is not available.