It has become a practice for ICOs to ask contributors to perform KYC in order to prevent legal issues and also to identify their customers. But this brings a disturbing question to mind which is Why KYC?
The reason most people get into crypto apart from the economic benefit is the ability to remain anonymous.
Is this then not a trade off of our privacy for economic benefit? What is your thought?
Recently this KYC practice has been extended to bounty hunters.
While I understand the benefit of knowing your customers, that benefit is very much contrary to why people join the crypto space.
Let me see your comment below.
The KYC thing actually scared me off some ICOs. I am surprised it is becoming the norm now. And people don't seem to be minding. A middle ground will have to be reached on this issue.
Yeah I believe this type of Regulation will slow the ico growth sector down because anonymity is getting priceless