KYC is done by most projects to comply to the government regulations. The projects are sometimes held accountable for transactions hence must be able to provide the identities of the individuals behind these transactions in order to avoid the issue of money laundering. KYC is also for verification purposes by the project in order to eliminate bot and double entries from participants.
but crypto or ICO didn't regulated yet by any government.so in my opinion we didnt need to pass kyc if the reason due to government regulation.this condition could work if they have some rules and regulation in their countries.
In general, the market is not yet regulated but there are some projects run a by a team that are regulated because they are in a certain country that regulation is already present, in that case they will require KYC as that is a basic requirement, so for investors it's important that we know the whole details of the project we are investing as a simple violation of the law could lead to major negative effect on the project.