How to do a KYC for an ICO?

Sebastian Baerhold at the Smart Valor Crypto Summit in Zurich explains what you need to consider to do a right KYC for an Initial Coin Offering (ICO).

let me so if you look at the KYC

requirements for for icos and in general

they’re basically three major things you

need to consider one is what’s your

specific role in it so are you the

initiator of the project of the ICO are

you an exchange

are you a broker are you bank so that

this this matters and I will get into

more detail how that matters

the second thing is what kind of tokens

do you offer now is that the utility

talking as an asset security talking’s

of currency talking and the third

probably most important thing is what

country so I’m based on these topics you

need to need to be aware how to comply

with kyc so starting off with with the

specific role you take in a nice if you

are the initiator of the ICO so you

write the white paper you want to

collect the tokens you want to do the

ICO you typically don’t have a kyc

requirement yourself in most of the

countries that’s certainly true for

Germany and Switzerland it’s also true

for nevertheless the partners you work

with

so the brokers give changes the banks

they have the KYC requirements and if

you want to work with them you basically

need to comply in some way with that and

this can this can either mean that you

do the KYC yourself but most likely you

the specific partner will has B who have

the requirement does to do it him or

herself

so that means the exchange needs to do

the KYC

or the particular bank or the broker and

if they don’t want to do it themselves

then they can mandate a provider so this

is this is quite an important thing

because if you basically initiate an ICO

and say ok I will I will just do the

cable I see myself

it can mean in the end that it’s

actually invalid and cannot be used by

the bank or by other partners so that is

super important that you coordinate with

a specific partner to work when you are

see that ICO to basically make sure that

that the right parties mandate the right

providers to comply with with K Y Z in

terms of tokens you you have some

possibilities to get around

ok YC requirements if you have a utility

token nevertheless as I said it’s it’s

mainly the banks and M and V and the

partners are drive the KYC requirements

and were ultimately responsible for that

if they have not only utility tokens but

other tokens then they have to have a C

requirement and nevertheless so it’s not

only important that that you look at

your your own tokens but on the tokens

your partners work with and of course

the the third aspect is the country

[Music]

expert for all the 180 countries on the

world and the AML regulations of course

because they are actually quite complex

and and I think probably nobody knows

all of them as a general as a general

rule the whole development in most of

the countries that basically obliges all

the partners especially those who in the

end exchange cryptocurrencies into Fiat

that they do okay we’re see chick yeah

so it’s it’s a good approach to start

off with with a general AML kyc

requirements for the specific country

you want to do your SEO so that SAP so

what is what is what is the best

approach to to think about where you do

your IC o—- also in terms of

regulation and kyc requirements we have

been we have been executed last month

and for my experience by deciding what

country to choose it’s not the most

important aspect how the KYC regulations

are in this country so at least I would

not see that as the most important

criteria it’s it’s a bit like founding

founding a company then you basically

look okay where are potential customers

where are my investors I want to reach

where are the most important people that

are most relevant for my ICO and can be

also partners so this should guide you

towards the country because even though

kyc requirements might be stricter and

some

particularly in in Switzerland and

Germany in other European countries I

think

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