A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.
1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it plans to list only a fraction of the hundreds of new digital coins that have been invented this year
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We know not everyone is happy about KYC and some people dont agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.
However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information:
https://t.me/enkiduofficial Join our token sale here:
https://tokensale.enkidu.ioThat's very informative.... For me KYC has an advantage and disadvantage as well.... It is become an advantage to us because it is now one of an important tools to combats illegal transactions in international finace field.... There are a lots of people who thought that it is not significant but in the world of bussiness it is important.... It protects them also from illegal transactions but on the other hand it has a disadvantage as well... Yes that's true.... KYC will be good if the ICO that needed it is not a scam.... We are working here secretly to ensure also our personal security but due to this KYC we are on a risk.... Why.... Because that's our personal information and probably scammer will used it in illegal purpose.... But for me KYC is great... We just hoping that it could be a great solution to avoid scam.... We are hoping so....