Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?
Depends on the laws and regulations in your territory. In many of the countries, KYC is mandatory if you are dealing with currency or financial assets. The level of KYC required can vary. In some nations, just a phone number may be enough. In some others, passport details and address proof may be required.
It's necessary that we follow the KYC.
It's not really hard, it's just a basic requirement every time you invest and even open a bank account.
The law will be implemented, otherwise you will not be able to avail on the financial services.
In crypto, I have complied a lot of KYC requirement especially in bounty, but only those that I believe are legit and can be trusted.