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The Future of ICO

Discussion in 'ICOs' started by KYCbench, Oct 11, 2018.

  1. KYCbench

    KYCbench Beginner

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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.

    KYCbench’s platform has been designed in consultation with experts who know the regulatory requirements of personal data processing/storage and the services offered are GDPR and ISO27001 compliant.

    KYCbench worries about the relevant regulation so that ICOs do not have to.
     

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