What is KYC in Cryptocurrency 2018
What is KYC?
KYC is the short form of Know Your Customer. It is the computer identification process that includes steps and process which help in determining the true identity of the customer.
The process of KYC also helps an organization in listing down many other facts like the source of income/funds, the nature of customer business, and many more. The process helps financial organizations like the bank in calculating far-sighted risks.
KYC consist of some steps which help in saving numerous financial institutions and stay protected from criminal elements resulting in money laundering.
The modern cryptocurrencies and exchange are coming with KYC policy. The users have to approve their KYC before using the exchange or investing in the specific cryptocurrency.
KYC was also the hot topic in g20 conference about cryptocurrency regulation. We will witness the new currencies coming with KYC policy.
If you contribute in cryptocurrencies as a money service business you must understand, and comply with KYC.
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