KYC for ICO, is it good or bad idea?

[masterrex]

Hi, everybody. With the development of cryptocurrencies and blockchain technology,not only good ideas and projects began to develop,but also those who want to get a lot of money on the HYIP,  use new technologies for their personal purposes. Projects began to carry out the KYC procedure for investors, airdrops, bounties to protect their projects from prosecution by the authorities, to improve security, to know their investors in person. But maybe we can use the KYC procedure not only for buyers but also for sellers. If we introduce such a procedure for new projects, it will increase the level of investor confidence, as well as deter many fake projects from collecting our funds, protect our crypto assets from fraud. This procedure can be entered in this forum to host projects or in special platform. The project developer will have to provide his personal and contact details.
Do you think this is a good or bad idea? Express your opinion.

For me KYC is good if we can sure that our data is in safe hands. Since it is required by the law with (AMLC) for anti money laundering operation worldwide. But if the KYC data is not safe its better not to do the procedure.

[MOProgress]

KYC is good but sometimes it is also bad, the good part is that it helps to detect the real people and fake people, while bad is when the project turns scam then you may be in danger.

[VENOMrx]

KYC is the right choice for dealing with fraud. But before you fill out the KYC form, it is good to check the project you chose first, whether it is legit or doubtful. Because I'm afraid, KYC data will be misused for cyber crime.

[aiviaa485]

That is good for an ICO, because the ICO now has a legal umbrella to protect so that the ICO does not become a SCAM or fraud.

But if KYC is used for Bounty and Airdrop then I refuse.

[sampoerna]

kyc is a rule in an ico. however we must obey it so that we can join in it. with kyc we have to collect our personal data and it makes a lot of people afraid. many people who are not responsible and misuse someone's personal data for personal purposes. then from that we have to be careful in choosing ico.

[Abusadeeq6]

Kyc is good a times to minimize illegal purchasing of coins or token which has a stipulated amount for each traders. Its also bad because a times they do accept only international passport which majority of us can't afford fr now

[sudeshkumar]

KYC is a good idea but it should be demanded at the start of the bounty program so that any shortcomings may be fufiled before the start of the bounty otherwise it causes regret it later stage.

[The Translator]

kyc is a rule in ico so we must be able to obey it. with the existence of Kyc, we must collect our personal data. that's good because it will reduce the fraud from some person. but if the data is not used properly then we will also get the the risks. so we must be more carefull to follow an ico.

[pat4cryptoreal]

You are making a point here, from all observation it is only bounty hunters and investor that the issue of KYC is affecting. Most of the projects the true identity of the developers are team members are not known. It will be better and secure if all the team members of all the projects that are asking for KYC  first show the whole public their true identity before demanding KYC from investors.

[ArtCrypt]

I think this is a good idea because there are a lot of people in the market who are involved in money laundering. I would like the ICO to be finally regulated, then there will be fewer scams among developers, and we will be sure that they will pay for the work.

[Coin63@]

Kyc means know your customers.. Is a good process of identifying real customers. It is a better system of avoiding scammers. I support this process very much.

[DeKingCrypto]

It is good but I think it can help to know is investing in a particular project. But what if the project turn scam,, what will happen to those who submitted their information?

[chapcha]

I think that with the Kyc system, we will also feel safer and reduce cheating from some people. but we also have to choose a good ico in order that our personal data is not misused by irresponsible parties.

[xeroz]

Till now, I am the one who is still doubt to send my personal identity with KYC procedure. I don't see it secure, no guarantee for the safety of my secret data. I know that a project needs the KYC to ensure a participant or an investor not a fake / fraudster. But will they guarantee the safety of the identity? It is still a big question.

[cora]

yes, you could do it if there sincerely is a system such as you say, there's no other choice and we should comply with the rules if we want to make investments, I assume KYC procedures are top for all traders however the data protection of the clients of the ico task need to be virtually safe.