The creation of new digital economy has two components: the modernisation of the existing “analog” economy, and the construction of a fundamentally new “crypto-economy”, which is based on new digital products and assets. Its manifestations are not only the beginning of payments in crypto-currencies or the receipt of investments using ICO procedures as a form of crowd-funding, but also the generation by telecommunication companies, social networks or search engines of new digital profiles of subscribers that do not fall under the current law on personal data.

If in the former case there is an established system of law, then in the second – the world has to create it anew, starting with a single glossary and ending with civil-law relations. It is for this reason that the head of the IMF Christine Lagarde, who can hardly be called a proponent of the distribution of crypto currency, called for regulating this industry systematically and without excessive rigidity. And this was one of the main results of the meeting of finance ministers and heads of G20 central banks in Buenos Aires. World regulators already recognize crypto assets, but still hesitate to call them money.

The pace of development of crypto-economics amazes and overturns all forecasts about the next speculative soap bubble. The volatility of the crypto currency, which we observe, is a common occurrence for newly emerging industries. Recall how through the ups, downs and at some point the cleaning up of excess garbage was born the world IT industry, as appeared Apple, Amazon, Google.

With the advent of blocking technology and digital assets, this industry is moving into a new quality. It is enough to look at the growth in the number of projects and investments in blockchain over the past three years.

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Everyone who hunts for airdrops and bounties knows the feeling. You sign up to website newspapers, join multiple Twitter/Facebook/Telegram channels, chat with bots, write articles and then the airdrop ends. A month or two goes by and suddenly (if you noticed the telegram announcement amongst the hundreds of Telegram Groups) you are asked to perform KYC through a rushed website with a simple buggy form.

You have completed already all the tasks asked of you, spent so much of your time and now you need to trust a quickly thrown together website as the ICOs owners only realized last minute it had to perform the airdrops KYC.

It can be more than frustrating to be filling out further forms, submitting documents to projects you may believe in, but whether you can trust their server’s security is another point entirely.

Unfortunately we know that there is a very large number of ICOs disappearing but does your information just disappear as well?

KYC and AML regulatory procedures are important to follow because they ensure that the crowdfunding process is free of bad actors. It may scream against every libertarian / anarchistic vein in your body to identify yourself to a third party but unless this is done, bad actors will be using ICOs to launder money and therefore permanently stain the entire blockchain industries reputation.

KYCbench can help ICOs and airdrop crypto treasure collectors like you by providing a platform that is easy to use, secure and private....

Read more at: https://www.kycbench.com/i-signed-up-to-an-ico-airdrop-why-do-i-now-need-to-perform-kyc/

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Although governments have started a dialogue on how to even approach and define cryptocurrencies and blockchain it may be some time before this is a uniformed approach.

Until a time where ICOs will have a clear set of laws to follow ICOs will need to try align themselves as best as possible to existing laws currently in place especially in regards to the processing and storing of personal data of investors data.

KYC/AML is becoming a typical requirement of fund raising and for the immediate future, more and more ICOs will need to follow laws such as the GDPR or risk being shut down or fined for non-compliance.
For ICOs, receiving a knock on the door by an enforcement agency can have the effect of destroying their reputation and good standing in the blockchain investment world.

Negative publicity, long delays, fines (up to 20 million euro) and potential criminal charges are all the result of avoiding the EU regulatory requirements of the GDPR.

By aligning with companies such as KYCbench who put regulatory compliance as its main focus, will help insure that ICOs can continue with what their main purpose; to innovate and disrupt industries/sectors in a regulatory accepted fashion.

Read more at: https://www.kycbench.com/the-future-of-ico/

KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: [email protected]
Join our Telegram Groups:
KYCBench Announcement
KYCBench Community

For blockchain related projects, KYCbench is built to fulfill the requirements of the GDPR and to comply to ISO27001 in handling and storing personal data for ICO whitelisting. For non blockchain related companies where other regulatory requirements apply, KYCbench works with each client to establish a tailored and customized solution which would allow their own KYC processing requirements to be applied with a state of the art KYC processing platform.

Legislators all over the world are beginning to look into ways to regulate the cryptocurrency world and ICOs. Regulators have yet to create a uniformed approach to regulating the cryptocurrency space. This brings much uncertainty to the industry.

Unfortunately with the current lack of regulatory certainty this means that many people who want to invest in an ICO for its utility (to disrupt/improve current industries) feel as though they are at risk of appearing as money launderers, criminals etc. As national legislators look to create balance between protecting investors from scams and not limiting them from investing, ICOs should also take the initiative to insure they are not putting their investors at risk. While national legislation has been often absent and unclear, (KYC) which is KNOW YOUR CUSTOMER is a big concept widely known in global finance.

ICO providers need to know vital information about their investors or risk regulatory scrutiny. While the development of blockchain has been based on the belief to free people from the domination of governments and banking monopolies, it doesn’t change the fact that trading parties have a legitimate interest to know some certain information about their counterparty. ICO’s need to know if their investors have for example, links to terrorism and organised crime.

Read the full article at: https://www.kycbench.com/the-importance-of-kycaml-solutions-such-as-kycbench/

KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant

Please contact KYCbench today, the most reliable ID verification processor at: [email protected]

Join our Telegram Groups:
KYCBench Announcement
KYCBench Community