HappyZeref (OP)
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June 06, 2019, 08:06:43 AM |
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I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.
They state they are financial institution and compliant with Swiss laws ,etc.
Anyway is there always the need to pass KYC in order to invest in an STO?
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CryptoEnthusiasts
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June 06, 2019, 08:19:36 AM |
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KYC is absolutely mandatory and required by law for all sorts of securities around the world.
A company is required by law to always know all of its shareholders.
This of course includes security tokens.
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HappyZeref (OP)
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June 06, 2019, 08:44:31 AM |
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Yeah, but should i entrust my Private information to a another website which has redirected me to?
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CryptoEnthusiasts
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June 06, 2019, 09:37:33 AM |
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You have to do some DD on the KYC provider, but keep in mind that in one way or another you have to give your ID in order to buy securities.
Would you trust some clerk in an investment firm office with your ID information ? It has the same risk factor.
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Kemarit
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Fully Regulated Crypto Casino
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June 06, 2019, 01:36:15 PM |
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I'm not familiar with STO, but the thing for me though, if I'm not comfortable giving out of personally info then I won't do it, simply as that. I mean, we know that sooner or later, every exchanges will require us to comply for AML/KYC compliance, but I will still wait for that day and weight my options, just saying. So it's really up to you if you wanted to take that risk or not.
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Theb
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June 06, 2019, 03:37:36 PM |
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STOs are much more regulated compared to ICOs as compared to them they more act as stocks or shares of a company that is why KYC is more heavily enforced to them. STOs are more likely to be offered by companies which has already been allowed by their SEC to do so that is why anything regulated or somehow involve by SEC this will guarantee that they will somehow have a KYC process as a requirement. So the only thing for you to do now is to knkw if these blueshare.io is running a legal STO.
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dothebeats
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June 06, 2019, 07:26:05 PM |
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For tokens, no, I wouldn't suggest anyone giving out their KYC documents in exchange for a few dollars and hopes that one day, the coin/token will amount to something. Sure, one company/team can always say that they are compliant to AML/KYC regulations, but nowadays anyone can claim that, and by doing exactly that they are having a free pass on anybody's KYC documents, all they need to do is ask and they'll get it. You have to do some DD on the KYC provider, but keep in mind that in one way or another you have to give your ID in order to buy securities.
Would you trust some clerk in an investment firm office with your ID information ? It has the same risk factor.
Exactly this. Not that I have something against rank-and-file workers but handling them sensitive information for the most part is just scary.
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jvdp
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June 07, 2019, 07:00:49 PM |
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I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.
They state they are financial institution and compliant with Swiss laws ,etc.
Anyway is there always the need to pass KYC in order to invest in an STO?
Keep the KYC secondary in this matter, first you need to check the legitimacy of the site you reffered. You need to clarify the problems what you faced in that site and confirm that trustworthy to use. Then KYC details can shared the site which is legit and if you are safe only you need to share that. In crypto industry, you do not need to share the personal details for unwanted reasons.
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aioc
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June 09, 2019, 12:28:36 AM |
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I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.
They state they are financial institution and compliant with Swiss laws ,etc.
Anyway is there always the need to pass KYC in order to invest in an STO?
If they are compliant and they have proof that they really are, why not, I always say that if the company can show that they are compliant and they are fully registered company, they can make their users comfortable and make them think that their investments are safe.
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squatter
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STOP SNITCHIN'
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June 09, 2019, 01:50:35 AM |
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If they are compliant and they have proof that they really are, why not, I always say that if the company can show that they are compliant and they are fully registered company, they can make their users comfortable and make them think that their investments are safe.
Get ready to have your identity stolen. A company being registered and compliant with all data protection laws isn't enough to guarantee the safety of your documents. Database compromises are happening everyday at major companies. The more companies you volunteer your information, documents and selfies to, the more likely your data will be hacked and sold on the dark web. You should always consider that risk and weigh it against the potential benefit. Is this STO really that promising -- will the profits be large enough to justify this risk? Do you really want to hand your documents over to company named "Altcoinomy?" Because yes, KYC will typically be mandatory with security tokens. They are subject to various securities laws.
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magneto
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June 09, 2019, 10:16:41 AM |
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I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.
They state they are financial institution and compliant with Swiss laws ,etc.
Anyway is there always the need to pass KYC in order to invest in an STO?
If they are fully compliant and they are literally calling their own token a security, then yes, most likely they are required by the relevant regulations to conduct verification on their customers or investors. It also depends on who and which regions they are offering their tokens to, if they bar people from the U.S. or other sensitive areas where tokens are treated as "securities" and as such regulated by the SEC and other bodies from participating, then there could be a chance that they can legally offer their tokens without KYC. At the end of the day, it's up to their discretion. You as an investor has really no control. If you aren't comfortable with providing your info, don't.
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fortunecrypto
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June 10, 2019, 01:41:11 PM |
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KYC is absolutely mandatory and required by law for all sorts of securities around the world.
A company is required by law to always know all of its shareholders.
This of course includes security tokens.
I second that, STO is very much different that ICO we can consider this as a safe way to invest because they are compliant and they are regulated check this article it has all the answer to all your question https://hackernoon.com/know-your-customer-kyc-regulations-for-stos-43c55132f196
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Harlot
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June 10, 2019, 06:32:18 PM |
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KYC is absolutely mandatory and required by law for all sorts of securities around the world.
A company is required by law to always know all of its shareholders.
This of course includes security tokens.
I second that, STO is very much different that ICO we can consider this as a safe way to invest because they are compliant and they are regulated check this article it has all the answer to all your question https://hackernoon.com/know-your-customer-kyc-regulations-for-stos-43c55132f196Even normal ICOs requires KYC, if they want to launch their token sale locally in a country that requires KYC they will be ordered to do so in order for them to make the ICO happen. STOs on the other hand are much more on a stricter level since they act mostly like shares of a company, it will be like a stock for the investors that is why regulations for STOs are much more heavily enforced.
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dlanruei21
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June 11, 2019, 05:53:33 AM |
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Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam
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lucyfermornin
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June 11, 2019, 06:29:53 AM |
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Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam
All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations.
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gustavung
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June 11, 2019, 06:39:48 AM |
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All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations. [/quote]If the startup project conducts a IEO sale phase, they will not ask you for personal information. Especially if the exchange is decentralized. You should also pay attention to where the project plans to add its tokens before deciding whether to invest there.
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joniboini
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June 12, 2019, 04:27:34 AM |
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If the startup project conducts a IEO sale phase, they will not ask you for personal information. Especially if the exchange is decentralized. You should also pay attention to where the project plans to add its tokens before deciding whether to invest there.
You guys are making it off-topic now. We're clearly talking about STO from the beginning, so I doubt any legitimate STO would do the same like Binance IEO. It's even more interesting to see that one of the (claimed) STOs that run their bounty campaign stated that the hunters don't have to undergo KYC to get their tokens while investors have to do that. If that's true, maybe there are different laws that apply to STO. I always assume that hunters would be considered as investors too.
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marcbitcoins
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June 12, 2019, 05:53:44 AM |
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It will depend of the country you belong in which the certain project was facilitated. Every nation has their own draft of Crypto regulation so maybe some countries will not require KYC or some may require KYC but only to the project owners in which investors will do KYC depend of the amount they will going to invest.
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goaldigger
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June 12, 2019, 08:40:30 AM |
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I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.
They state they are financial institution and compliant with Swiss laws ,etc.
Anyway is there always the need to pass KYC in order to invest in an STO?
If i had a doubt to a site and registered with a sub-platform or third party sites then i probably would not give all my personal informations or KYC in that most specially if they ask for more than your name and age. Emails, passwords, birthday will be such a solid tandem to hack or stole all your valuables in the internet. We should always be careful because even those legit sites have counterfeits.
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jhongzjhong
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June 14, 2019, 11:24:22 PM |
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KYC is for the security of the user and the company that holds the STO. KYC is actually a good thing for both parties. However, it is up to you if you will trust your private information to the investment firm you are choosing to. If the thing that is holding you back is the thing that your not comfortable for you to share your personal information then I would advise you not to join the firm.
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