What is KYC and is it required for Grapevine ICO?
If you have decided to participate in our ICO (first of all, congratulations, you’re about to become a stakeholder in the new health economy!) follow our simple KYC guide below to getting those GVINE tokens in your wallet.
What is KYC?
KYC stands for ‘Know Your Customer’ and is a process that financial institutions and companies in various sectors have to carry out before they are able to accept a prospective customer’s investment. Simply, it’s doing due diligence on investors to ensure that the money invested has not come into the customer’s possession as a result of illegal activities or from restricted territories.
Up until the end of 2017, Initial Coin Offerings (ICOs) were open to everyone. As ICOs gained a lot of attention from crypto enthusiasts, they also gained the regulatory attention from SEC that started the domino effect of restrictions and stricter procedures for anyone wishing to invest in ICOs. Currently, US residents are not allowed to gain entry into ICOs (with exception of accredited investors), and neither are residents of Mainland China, Iran, North Korea, Syria, Sudan, Cuba, Iraq, Afghanistan, Somalia, Sudan, Libya, and Algeria.
With that being said, ICOs are out of the realm of regulations (at least for now) and blockchain and crypto start-ups have begun to perform due diligence and KYC on aspiring investors, voluntarily.
What is the KYC procedure for Grapevine Investors?
The KYC steps for Grapevine ICO are really simple, powered by Sum & Substance, one of the most reputable ICO KYC & AML providers.
If you are investing USD 10,000 or less (EUR, ETH, BTC or 70+ other cryptocurrencies) you are not required to do the KYC, and can invest with ease here. For those investing USD 10,000 or more, you will need to submit just one KYC document:
Proof of Identity — this can be your passport, driving licence or a national ID and it will need to have your full name and a clear photo of you. It’s important to note that all corners of the document have to be visible in the image, the file size needs to be at least 500 KB and the image quality 300 DPI.
It’s really that simple! If you have any questions or would like further assistance don’t hesitate to contact us on our official Telegram channel.