Tezos Investors Forced to Undergo KYC Nearly 1 Year after ICO

The Tezos Foundation, which supports the Tezos project — itself designed to be a highly decentralized blockchain — has announced know your customer/anti-money laundering(KYC/AML) requirements for its contributors as the Tezos beta test nears nearly a year after the then-record initial coin offering’s (ICO) conclusion.

In announcing the KYC/AML requirements, the foundation noted that it respects its contributors’ privacy, but nonetheless takes its responsibility seriously to comply with an evolving regulatory landscape. KYC/AML protocols have become the norm for blockchain projects, the statement noted.

Third-Party Oversight

The foundation has teamed with a third-party organization for its KYC/AML oversight. Contributors that complete the requirements will be provided with an activation code that corresponds to public key hashes for their donation time period. Donors will be required to use the codes to access their recommended allocations.

Contributors’ KYC/AML will be available following the project’s launch. They will not have to undergo the process in advance of the betanet launch unless they want to access their recommended allocation as soon as the betanet becomes active.

KYC/AML enables identity verification, and has become an established practice in the blockchain industry, the statement noted…

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