Post
Topic
Board Altcoin Discussion
Re: Why KYC needed for ICO ?
by
@hosimanaka
on 01/06/2018, 22:57:06 UTC

KYC.legal is an authentication system. ICO platform began in December. KYC.legal, as you may have guessed from the title, has aim to provide a better system for testing your client’s knowledge (KYC). Today, banks, financial institutions and crypto-currency exchanges should comply with the requirements of KYC. Basically, it means that these organizations must collect and verify personal information from clients. It is designed to prevent fraud, and is also often combined with the verification requirements of the money laundering (AML).

In any case, KYC.legal wants to create a better system for checking KYC / AML. This system is aimed to provide advantages of users and companies by developing a single, unified, user-friendly solution. Instead of individual fill requirements KYC from each service provider you can locate this on one platform.
Because they want transparency between buyers and sellers, most are the central bank that forces the issuer of the ICO project to obtain customer information on Tokens. This reduces some of the investors who do not, but I think this is not important, since so many people have created false IDs to confirm KYC.