Post
Topic
Board Legal
Re: Are You Afraid of KYC?
by
Tylev
on 28/07/2018, 22:07:09 UTC
KYCs are not the problem here. The problem I see is where you are entrusting your information to.  Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. What I would normally do before trusting my personal information to other entities such as ICOs or even exchanges I will research on them if they have a good background.
Are you sure that the governments of some countries, such as the US and China, forbid their citizens to participate in the companies of the generosity of ICO, that is, to advertise these campaigns? I think that for this category there is no such prohibition, because the sense of conducting a KYC check is to exclude money laundering or even their use for illegal purposes. That is, the ban applies to investors, to individuals who invest their money in ICO projects. In addition, these countries openly stated that investing in ICO projects is a risky investment and recommended that their citizens refrain from such investment. Therefore, since the participants in the ICO generosity campaign are not investors, they are not required to undergo a KYC review.