Left, right and center, Initial Coin Offerings have been emerging every single day. But because the whole cryptocurrency industry is largely unregulated, scam ICO projects have thrived and stolen from naïve investors. Funds from the various token sales and crowdsales are wrongly or illegally used, including funding terror groups, aiding slavery, drug trade and other vices.
Why KYC is Mandatory for the Development of the Crypto-Sphere
ICO investors and offerors require knowing the vital information about investors and thus staying away from projects meant for illegal activities. It is, therefore, because of this that regulators from across the globe have been taking a keen interest in ICOs and their legitimacy. There’s no clear national legislation, and this has resulted in the calls for Know Your Customer (KYC), an emerging concept in global finance.
In the US, topics around ICO regulation have been contributing to the national debate over the past few months. KYC, as it’s fondly called, is a requirement and here is why:
- US Securities and Exchange Commission (SEC) could start prosecuting ICOs that have no apparent KYC procedures.
- Some cryptocurrency exchanges have also issued a crackdown on cryptocurrencies that may not have implemented their KYC procedures yet.
- ICOs that demonstrate KYC measures establish credibility with, not just its investors, but also banks and agree to Anti-Money Laundering regulations.
- Also, voluntary compliance often helps ICOs appeal to savvy global investors with ease, raise funds and blossom in their projects.
- As long as the USD remains the world’s reserve fiat currency and the US regulators placing lots of emphasis on KYC compliance, this rule will stand and might be mandatory soon.
Introducing ICO PASS – https://www.icopass.id
Packaging itself as a safe, fast and efficient platform to verify identity, ICOpass.id hopes to be at the forefront in matters KYC. Before its emergence, typical Know Your Customer procedures were lengthy, bureaucratic and unreliable. They could:
- Take lengthy, error-prone and inaccurate manual methods.
- Offer inaccurate results owing to an absence of better databases for verification.
- Act like a ‘Black Box’ with no easy way to question why the results were the way they were.
- Not be soberly termed a procedural KYC verification process – maybe the results could have been tampered with.
- Not satisfactorily be termed as in agreement with the General Data Privacy Regulations.
Practically, information had not been fully secured in a hacker-proof, blockchain-based database that would be decentralized and accessible at any place all over the world. And all this manual process could cost 230 EUR per check.
ICO PASS (or ICOpass.id), however, hopes to change all these by making the procedure a lot smoother, cheaper and faster with verifiable results. With ICO Pass ICOP, everything is:
- Automated and takes just 7 minutes with zero chance of erroneous conclusions.
- Allows adding or removal of multiple databases.
- Transparent in every sense of it.
- Blockchain-secured for higher security at lower costs.
- Information encrypted for those who are allowed in to access it.
- Verification costs just 7 EUR per check.
About ICOpass.id Whitepaper and Prospectus and Development Team
- Token symbol – ICOP
- Price – Dutch auction
- Platform – Ethereum-based and accepts ETH
- Soft cap 500,000 EUR
- Hard cap 5,000,000 EUR
You can access a lot about this project and participate in its future token sale too. Its developers are men of reputation previously having developed the Latvian State ID architecture and e-Signature solution.