Customer is the lifeblood of the business, so it is very important that we should know first our customers, our market before putting up a business. We can encounter different kinds of customers everyday, whether it is a bad or a good customer so it is a must that we should know what kind of customers we are going to face and encounter when the time we have a business already.
The Know Your Client form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients' risk tolerance, investment knowledge and financial position. KYC forms protect both clients and investment advisors.
But that standard is something that people in cryptocurrencies do not want after all many people joined bitcoin to get some anonymity and to be able to send transactions all over the world and to not have to deal with that kind of limitation, KYC has its good sides but in crypto most of what it brings is bad since I do not want to send my information to icos that may turn out to be scams.