Good point. KYC is important to avoid illegal transaction/to stop money laundering cases. Without KYC it's impossible to control bad play.
I don't mind doing KYC for good projects. Its worth spending time and giving our details and it should be legit and gainful in the end.
Having a kYC is really a bright idea for ONAM, it will help prevent fraud activities but I hope they dont make the process tedious for traders.