Why do we have to pass KYC with a cryptocurrency?

[Scientest]

For a legal business operation, legal documents are required and that's why sometimes some ICO requires KYC process so that they can show all legal documents to their govt. Anyway, I would never go through KYC.

[confreslamp]

It is a great question, because one of the core ideas of crypto currencies is the anonymity. But on the other hand, how can you be sure, as a team, that every investor only gets its maximum cap? Or that a bounty hunter does not use multi accounts to earn more?

[crypt0.r3negades]

We have to pass the KYC in order for us to purchase the token in the ICO sale. Not all projects that are having token sale are required to do KYC, but there are projects that requires. It is not the requirement of the project, but it is required on their country. We must abide and respect their rules. Just make sure to know the project more.

[Msworld83]

I think the only thing I can use my kyc for now is centralized exchange in which my money is , but we have so many exchange that does not even require kyc too, but many ICO and bounty are now requesting for kyc which I don't think is a best ideal to my knowledge , as this same token will get listed on exchange and anyone from the exchange can buy and sell the token but those who bought in ICO have the kyc submit but might not even hold or use the token for long before selling, we are yet to have regulatory body and we are talking about decentralize not centralized, well raising funds through ICO has made many token to be centralized which will be called security and need to be regulate.

[babsjoe]

KYC for decentralized investment and application just go against the very idea of open project and and privacy centred techmolgy! I am in cryptocurrency because I believe it will  help me ensure my right to privacy now, cryptocurrency project are asking for KYC! What a contradiction!

[oppo070]

I want to Express my opinion, I am sure that here I will find support among the forum participants, but some will oppose my opinion.
The crypto-currency market is relatively young and as you know it is not regulated by anyone, there are both minuses and pluses in this. So I want to touch on the topic of ICO and KYC in the projects that we invest.

How can someone on behalf of the administrators, project team ICO, which you don't even know, not having officially registered legal address, the presence of which is in the Internet to confirm your personal, confidential information, including your passport, identity card, driving license or an invoice for payment of utilities!

I agree that in this way, large TOP projects are trying to protect themselves from a large number of scams and exclude the use of false accounts, but this is a very unreliable way to exclude such cases! A scan of the passport, documents, place of residence in my opinion is overkill, as a last resort even soglashus selfie with your passport and the date to eliminate the use of your passport by other persons.
What if these people you trust are scammers? What if these people are connected to terrorists and are looking for real dates to forge documents? And what if your photo will be used in the porn industry or on suspicious sites? Yes, I do have a lot of questions because we provide our data to strangers in a safe way to make a profit.
You will not be able to prove his innocence in any case if something of the above suddenly happen to you. Therefore, while the cryptocurrency market is not regulated by the organization have no right to require you to scan your documents!
Moreover, very often projects resort to passing the KYC after you have bought tokens and to pick up you need to pass the test. I hope that such projects as Komodo will help us to go another way and start implementing decentralized ICO.

I think investors are required to pass the KYC in a reason that, the country that they belong might be restricted for the rules and regulations of investing to a foreign project. KYC is ensuring that every participant of the project is allowed without breaking the laws of their respective countries.

[djuragan]

From what i understand about KYC is, something to verify about the token purchaser.
It used to limit the purchaser that perhaps came from a country where it is forbidden for them to own a cryptocurrency.

[shooleh]

Not all ICO projects must use KYC and you can still get good projects and without using KYC. Actually, in my opinion, KYC is a very good procedure. Many projects use KYC because of good intentions and no fraud. But now facilitated by the ICO project, KYC, they made an announcement at the beginning of the campaign.

[rosepetals]

I want to Express my opinion, I am sure that here I will find support among the forum participants, but some will oppose my opinion.
The crypto-currency market is relatively young and as you know it is not regulated by anyone, there are both minuses and pluses in this. So I want to touch on the topic of ICO and KYC in the projects that we invest.

How can someone on behalf of the administrators, project team ICO, which you don't even know, not having officially registered legal address, the presence of which is in the Internet to confirm your personal, confidential information, including your passport, identity card, driving license or an invoice for payment of utilities!

I agree that in this way, large TOP projects are trying to protect themselves from a large number of scams and exclude the use of false accounts, but this is a very unreliable way to exclude such cases! A scan of the passport, documents, place of residence in my opinion is overkill, as a last resort even soglashus selfie with your passport and the date to eliminate the use of your passport by other persons.
What if these people you trust are scammers? What if these people are connected to terrorists and are looking for real dates to forge documents? And what if your photo will be used in the porn industry or on suspicious sites? Yes, I do have a lot of questions because we provide our data to strangers in a safe way to make a profit.
You will not be able to prove his innocence in any case if something of the above suddenly happen to you. Therefore, while the cryptocurrency market is not regulated by the organization have no right to require you to scan your documents!
Moreover, very often projects resort to passing the KYC after you have bought tokens and to pick up you need to pass the test. I hope that such projects as Komodo will help us to go another way and start implementing decentralized ICO.

I agree with you mate KYC is very hassle for investors and bounty hunters.Hunters will do everything inorder  to get the token reward,without even thinking that the documents being send to the team is quite dangerous on our personal information.We become desperate when the developers urgently need our KYC but the near fact that we will recieve our payments we will just take out some possibilities that this may harm us.KYC for me is not necessary hope they will stop this because this might be a good procedure for a legitimate projecr but how about us who become a victim of scam ICOS,developers also on that project are criminals,thats why im worried of.

[siorapokk]

I think it is very important to hold a KYC for any ICO, because it helps to check every contributor and to assure that this person has not cheated or tried to scam the project. I do not take part in ICOs that are not doing a KYC procedure.

[engesi]

Many ICO projects are using KYC to reduce false accounts, but I don't think this is their original intention, because the ICO project does not provide us with any guarantees, they may also be fake!

[kzozenberg]

ICO projects that need KYC not doing this in order to use our data and because they make a godudarstvo of a particular country.

[nlaara12]

For investors I guess is not a bad idea though the procedure may be stressful and giving out vital info like that is something that is not easy but it helps to reduce scam,but for bounty hunters,I don't think is necessary.

[Golftech]

The Idea of doing this is against the principle why crypto was been created, we should continue being anonymous and have a free access transacting online without a trace, but because of many unwanted cases such scumbags this KYC went out from the picture, we can't exactly say the real reason behind but most of those legit projects only concerned for their investors but for those scam projects they can also use kyc for more damaging ways.

[dddudidd]

I agree with ICO decentralization, indeed the use of KYC is very used for investors, but in my opinion it will be increasingly complicated for investors to join

[felissss500@gmail.com]

no one has yet come up with any alternative verification, will have to take risks and provide their personal data to unknown hands
but you can choose projects without procedure KYC
the truth is sometimes the need for its passage becomes known at the end of the project, or after buying tokens

[anitaraymonds]

I do not understand the need for KYC before a bounty hunter who did not invest a dime will be paid his bounty reward. The project you promoted does not have any legal office address only a website whose hosting is even rented. They claim they want to be sure of the source of the fund that is invested with them and yet there is no documentation  from the project teams. Some people are saying that it is risky sending our legal documentation to faceless people whose intention is not even known.