KYC in crypto, does it really require?

[tanvir232]

As from the owner side, KYC is really an important matter. KYC put some restrictions on purchasing an unwanted amount of token too.
On the other hand, KYC doesn't maintain the criteria of a cryptocurrency. Also, sending our DOCS to some unknown people is really risky. They may use that information in illegal works, although it is applied for the scammers.

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[TooDumbForBitcoin]

This is very contradictory. On the one hand, many countries now ban ICO, so they have to reject investors from these countries through ICO. On the other hand, too cumbersome ICO may disgust some legitimate investors, which may lead them to not Invest in ICO.I personally think that from the concept of cryptocurrency, KYC has actually destroyed the rules of privacy protection.

Centralized ICO's are also destroyed the concept of cryptocurrency. Furthermore for example majority of them even do not program logic of a distribution for a smart contract (where is trust-less ?)

[chennappa121]

Yes the KYC is mast required because of the legal translation in cryptocurrency to track and most of country are going to legalize the cryptocurrencies based on KYC system and more and I think the KYC is mast required in cryptocurrency market.

[NazaConte]

Yes, KYC is required if you are a buyer or investor to a certain coin. because some country requires it for regulation. However if we talk about bounty and still they require KYC then it is out of the question. However they only do that to filter out those who are cheating with multi account.

[keepandhold]

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 .

Projects want to collect more money, and for this they need to show investors that their project will not have problems in the future, including regulators, I think that we are forced to go through identification only for attract investment.

[Querubbin26]

I don't think it should be a requirement, since the benefits don't come close to the level of complications it can bring, if exchanges are so worried about scammers, there are other methods that can work much better, such as implementing an automatic escrow system, in the end we are all anonymous people on the Internet and you don't know if the information we get is real or not.

[delarossa]

For now, most projects do not require KYC to purchase tokens or for bounty hunters. because there is currently no serious incident regarding the matter in this world. Someday I think all projects will apply this rule for security reasons so that there is no fraud or misuse of data for the benefit of criminals.

[suhoy]

Yeah, it is really required because of various laws in different countries, that's an important thing that supports cryptos law status.

[Endorphinity]

I thought that this procedure is ineffective. It seems to me that soon everything will change, and we will not need a KYC. It seems to me that this contradicts the anonymity of the crypto currency.

[NazaConte]

Though the ICOs are claiming that they require KYC during bounties and airdrops to avoid fraudulent activities but we also need to keep in mind that, these KYC data can later be used for identity theft and identity mining which the fake ICOs might do for their own profit. In my opinion, KYC should not be required.

[stevanGR]

goverment has regulated KYC for cryptocurrency. it aims to reduce money laundrying
but, we all know that KYC breaks crypto charactec (anonymous). so i think, crypto doesnt need it

[rdewilde]

I would KYC if I wanted to invest in an ICO, but for the bounty I would never KYC because it was so absurd. The bounty hunters spend a lot of time doing the work and they need to deserve a reward without KYC. If the bounty requires KYC then it looks like they are trying to get those KYCs for sale and they will not lose any money for the bounty.

[ALAY012]

Yes, other ICO requires KYC. They just want to know if your country is prohibited to join, to invest into their ICO. It depends on you if you want to do KYC, if is not, it's better to look for another bounties and airdrop that don't require KYC in their ICO.

[nataliaguseva]

It's all becoming like collecting a huge database. But still it is at least a small step towards adequate regulation.

[moshuk]

YES it is needed to rid us of cheaters who are trying to take the whole pool with their multiactions.

[Msile]

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 .

No they do not require it, kyc is a back up for them and when the project fails and they do not make money then they are going to end up selling all of those information that they have gathered on the dark net for some profit. Do not trust strangers with your sensitive information, a project that will do well will do so without kyc

[Granit0]

It's true that if you buy some product in the store, you don't have to prove yourself with the ID card, but it depends if it's against the law to hold tokens during the ICO, because where is crypto banned, you can't invest in crypto. So it's all about breaking the law, if it's legal or not, according to this should be KYC everywhere or doesn't have to be.

[Gabri]

And who will be responsible for the security of your data? I already found the second group in the telegram where throw out documents and offer to buy them. I passed KYC several times and now I will not be surprised if I see my documents in this group.

[auroboros]

I myself don't quite understand why KYC is applied to bounty participants, because I don't think it's so necessary if it's because of security issues or preventing multiple accounts and monopoly tokens I think it's quite effective if it is to prevent theft and such. maybe this isn't the solution

[sniper_ann]

From the current market reaction, KYC is not important at all. The important thing is to have the ability to achieve goals. There is hardly a single project that really pays off. This has led investors to stay away from the ICO plan now.