2

I was told that KYC is required by law in most countries. We were Australia based, where ICO should be legal.

Do we need KYC for token sale on our website? Or it's depeneds on the country buyer currently in? What's the worst case if I don't have an KYC, e.g. website will be blocked in China?

While I cannot find a KYC in Loom's website token sale, is that because they are Bangkok based and able to bypass that? Seems china government havn't done anything to them yet?

closed as off-topic by Ha ĐANG, Lauri Peltonen, Rob Hitchens, flygoing, Achala Dissanayake Sep 18 '18 at 1:59

This question appears to be off-topic. The users who voted to close gave this specific reason:

  • "This question does not appear to be about Ethereum, the decentralized application platform and smart contract enabled blockchain, within the scope defined in the help center." – Ha ĐANG, Lauri Peltonen, flygoing, Achala Dissanayake
If this question can be reworded to fit the rules in the help center, please edit the question.

3

I suggest you also to consider AML aspects in your project.

If your Company wants to set up an ICO you have to be sure to be compliant to the KYC/AML regulations. There are several differences from Country to Country to achieve such compliance.

In principle your Company must know information about customers who is in business with: this means that you must know who the customers are, the revenues sources and where the transactions take place.

Your Company is the only responsible of the abovementioned data.

Some important steps that you should check are, more or less, the following (this is not a legal advice: for sure an ICO expert lawyer can go deeper in details):

  • Data gathering and basic information assessment of customers identity info;
  • Customers lists checks/comparisons with PEP (Politically Exposed Person) lists;
  • Risk assessment of a physical/legal person that takes responsibilities in fields like money laundering and terrorist financing;
  • Keep track of customers transactions in relation with their presumed behavior vs. registered profile...

Last but not least, it is a non-negligible effort to be regulatory-laws/rules compliant over all Countries: e.g. considering United States of America, the ICO must be SEC compliant.

Definitely you have to be fully informed about your Country laws but also on laws of your-business-target Countries.

Not the answer you're looking for? Browse other questions tagged or ask your own question.