What is KYC and why is it required?

mycreditchain (35)in #blockchain • 6 years ago (edited)

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After completing the membership registration on MyCreditChain webpage, you will need to take an authentication procedure to participate in the MCC token sale.

In the ICO world, there is a saying that, “If you want to see every perspective of person, let him to take KYC process.”

Actually, once people try it, they often feel the limits of patience. Why do we need to go through this complicated and difficult KYC certification process to participate in the MCC token sale? And What does it mean?

What is KYC( Know Your Customer)?

The major reason for doing KYC is to prevent illegal funds and money laundering. In other words, it could be a problem if illegal money like drug dealers are flowed into ICO. You can think of it as identifying to prevent illegal and dangerous activities.

There are often people who rejected while they proceeds KYC.
Let’s look for the reason.

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The most common reason for KYC failure is occurs when you uploading a picture.

[Example 1] – ID photo + Selfie of your own face with your ID card]

The photo should have been taken after covering up the number of the registration number.

스크린샷 2018-06-07 16.21.49.png

[Example 2] – Passport photo + Selfie of your own face with your passport]
The photo must be taken after covering the passport number and registration number.

※ The above picture is a mosaic designed to protect personal information. You shouldn’t do mosaic work.

MyCreditChain(MCC) is…

▶In-house venture of a company that has been leading the development of Korea’s financial system for 20 years
▶MCC has already been recognized for its business and technological potential with investment of 3 million dollars.
▶Our ongoing ICO is about raising funds to work together with various partners and users from across the world. We also want to combine proven technology and business with the ideas of Blockchain
▶MCC is not just a product or service. It is a platform and solution for various global partners.
▶MCC enables transparent distribution of “People to people” credit information and new value innovation for anyone in the world.