KYC in its current incarnation is no good. The documents you have to send are required to be unretouched scans, so it's trivial to steal your identity. If you're going to do KYC at least allow people to watermark their passport and mask unnecessary information. Regulation works both ways: the current method of KYC is a breach of privacy laws. Proper privacy protection should be enforced.

There are already projects in development that allows identification without having to send a passport over and over again. It's a shame there wasn't a standard like that before.

We could go deeper and ask ourselves what's purpose of KYC in the first place. They say it's about preventing money laundering and funding militants. First off, cryptocurrencies are by nature traceable and as such really bad for those purposes, in stark contrast with cash. Second, if it's about evading taxation maybe governments should look into fixing tax at the fundamental level.