08/17/2022
What is KYC? Is it safe to upload my documents?
2. does crypto need KYC？
Enforcing KYC compliance could help to tackle malicious activity adjacent to the crypto space, such as ransomware attacks that block a user’s access to a computer or network until payment is made. In 2020, victims paid nearly $350 million in crypto to attackers, who leveraged the anonymity provided by decentralized cryptocurrencies to evade detection.
A 2021 report by the Ransomware Task Force, an international grouping of public and private experts, described the crypto sector as enabling this kind of attack and proposed stronger enforcement of existing KYC laws, among other measures.
KYC may also be important in improving crypto’s public image in front of the general public. Stronger compliance, via more robust identification procedures, could help crypto shed its perceived association with money laundering and other criminal enterprises. This, in turn, could encourage wider adoption and investment.
