There are no KYC compliance laws this is crap utter and total crap. If you feel you want to argue with me then please direct me to the exact laws you are referring to otherwise keep it to yourself.
Only your government and entities within it should ask KYC. For opening a bank account you need KYC. This is protected heavily. Your ID and motor license needs KYC and is protected heavily. When you apply for a job and go for an interview depending on the nature of the business and the payment you may be asked for KYC. This is done through a government system. You register for tax with KYC and it is safe. Only give KYC to government-approved companies or projects.
KYC does not in anyway prevent fraud. Fraud still happens. I was scammed by a company with a real address and location and nothing was done and I did not pursue it as I only spend $10 there and it would not be worth it plus the place is far away. Yes I agree it's about the morals but still. These people run this business using KYC for their bank account and still they steal. Many banks even say they have no responsibility for who you send your money to. Otherwise the bank takes the fall all the time and has to solve peoples personal issues.
If anything KYC increases fraud.
I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.
No it won't. It increases fraud actually. Stealing KYC is more easy than ever thanks to foolish people.