Home / Crypto Currency / Tezos Investors Forced to Undergo KYC Nearly 1 Year after ICO

Tezos Investors Forced to Undergo KYC Nearly 1 Year after ICO



Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now!

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.

There was no blockchain industry consensus during the foundation’s donation period in July of 2017, the statement noted. Over the past 10 months, however, verifying that contributors meet KYC/AML requirements has become a best practice.

The foundation will support activities that strengthen the Tezos open source technologies, its protocol and its community. The deployment of KYC/AML checks for all contributors enables the foundation to meet its objectives.

Also read: Tezos crowdsale raises $232 million to shatter ICO record

Contributors Advised To Check Allocations

Contributors are advised to check recommended allocations prior to starting the KYC/AML process using a tool on the foundation’s website.

Tezos was designed to be a self-amending ledger, allowing it stakeholders to decide what protocol upgrades will be deployed to the network. The ecosystem was designed to be more decentralized than earlier blockchain projects, in which decision making was centralized in miners and developers.

The Tezos project seeks to prevent blockchain splits such as the split that took place between Ethereum and Ethereum Classic after the DAO fiasco.

Featured Image from Shutterstock

Follow us on Telegram.
Read more

Check Also

Bitcoin Price Analysis: Time to Grab some Bitcoin at any Price, First Targets $8,500

Traders should mark Oct 22 as a turning point for Bitcoin. Thanks to CFTC giving the ICE the permission to launch Bitcoin Futures and the rumors of SEC approval of Van Eck Bitcoin ETF approval, investors are vibrant. Because of this, it’s likely that Bitcoin shall rally confirming the break out patter of week ending Oct 22. Latest Bitcoin News Yesterday was a pretty solid day for Bitcoin and cryptocurrency investors. From the announcement that the Intercontinental Exchange (ICE), the operators of 12 exchanges including the New York Stock Exchange which is the largest of its kind in the world, through Bakkt will be listing and allowing trading of Bakkt Bitcoin (USD) Daily Futures on December 12 to boosting rumors that all is well between Van Eck, SolidX, the CBOE and the US SEC. Before these news made waves, Bakkt approval was a source of speculation with many confident that the green lights from the CFTC and allowing Bakkt to roll out Bitcoin futures complementing those from the CME and CBoE would strengthen the case for Bitcoin ETF approval. The entry of Bakkt is indicative of a new wave of global adoption and the release of a pent up demand which was sealed by the reluctance of the SEC to come clean on Bitcoin ETF. As a matter a fact, the US SEC has been on a dismissal run rejecting nine different attempts by firms and exchanges proposing Bitcoin ETFs. However, according to “insider reports” the exit of Kara Stein in December paves way for Allison Lee, a crypto supporter. Together with other commissioners as Elad Roisman and Hester Pierce, Van Eck and SolidX Bitcoin ETF proposal might see light by December igniting the next wave of bulls likely to propel prices upwards of $20,000. Bitcoin Price Analysis Weekly Chart On a weekly basis, Bitcoin is relatively stable and is down three percent. But, this is the undervaluation that traders should be taking advantage of if the recent Bitcoin ETF rumor and the launch of Bakkt Bitcoin Futures is anything to go by. Considering a market that has been consolidating for the better part of the year with clear supports and resistance lines, we recommend trading according to last week’s trend definition. Though prices temporarily raced above $7,200 triggering our buys, the subsequent declines stopped longs meaning we are net neutral but bullish on Bitcoin. However, in lower time frames, we suggest taking longs on every dips as long as Bitcoin is hovering above $5,800 to $6,000 support zone. Daily Chart The stability in the weekly chart is clear in the daily chart and here we notice that prices are trending within a tight $300 range with supports around $6,500. Because of our bullish expectation and the general realization that Bitcoin might explode after sinking more than 80 percent from 2017 highs, we suggest buying on dips in lower time frame with stops just below the $6,000 support line. That is just below Oct 15 highs and a bar in which prices are still trending in. In line with our previous Bitcoin price analysis, first targets will be at $7,200 and later $8,500 assuming momentum continues to build up. Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision. The post Bitcoin Price Analysis: Time to Grab some Bitcoin at any Price, First Targets $8,500 appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.