I look at it as a precaution measure. Investing in shady project will give you nothing, no matter if there is a KYC involved or not. Shady project will rip you off even without the KYC. On the other hand, it seems completely legit to me for you to have some kind of portfolio with your documents to confirm your identity and for the other party to know with whom are they doing business with. It is a contract, security contract, that's the way how am I looking at it.