KYC is a crucial part when it comes to crypto. Its benefits include: 👉 Operational Accessibility 👉 Lower money laundering and other risks 👉 Lower legal hurdles Details 🔽
) do not require KYC measures. Therefore, investors can still purchase cryptocurrencies without going through the KYC process on a centralized exchange.Despite exchanges going through operational hurdles connected with implementing KYC standards, there are multiple ways exchanges and regulatory authorities benefit from it.
With KYC measures in place, cryptocurrencies have a higher chance of mass adoption and operating side-by-side with traditional fiat, allowing merchants globally to accept them.Although lacking anonymity, through KYC, authorities and centralized exchanges can ensure crypto can co-exist with modern finance. It helps to ensure that crypto is not used for criminal purposes, but for investment and financial uses only.
Without KYC, there's a chance crypto might become a safe haven for criminals. Hence, the introduction of KYC provides investors with a safer environment to invest their money. This article contains links to third-party websites or other content for information purposes only . The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site.
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