MEDIA Protocol Community Pre-Sale KYC FAQs
MEDIA Protocol’s Community Pre-sale is underway. In order to participate, community members must complete KYC procedures.
Here’s all you need to know about KYC.
Why is KYC necessary for a token sale?
KYC is a requirement as part of the whitelisting process. Completing KYC ahead of the Community Pre-Sale offers transparency and protection to all participants. It also ensures the future security of the network and all the participants involved.
There are no regulations in crypto. Where are all these coming from?
MEDIA Protocol has applied to be licensed by the GFSC under the new DLT regulations (implemented in Legislation on 2 January 2018).
This requires us to process all potential applicants for KYC and AML. If you are looking to participate at a higher level, you may need to complete some additional “proof of funds” due diligence.
Who can participate in the Community Pre-Sale?
A portion of the Token Sale has been allocated to members of the MEDIA Protocol community. Unfortunately, the Community Pre-Sale is not available to citizens or residents of China, or un-accredited investors from the USA.
What are the starting and closing dates for registration?
Registrations for the Community Pre-Sale opened on 2nd June and are currently ongoing.
When does the Community Pre-Sale close?
The Community Pre-Sale is ongoing.
Are there any limits on the Community Pre-Sale (Min and Max)?
No. There is no minimum or maximum contribution to the Community Pre-Sale. All applications will be reviewed on a case-by-case basis.
What is involved in the process? How do participants get “whitelisted”?
The KYC process is simple. You need:
- proof of ID (a scanned/photographed copy of your passport’s photo page and written confirmation explaining this is KYC evidence as part of the Community Pre-Sale)
- proof of address (a utility bill, driver’s license, bank statement, phone bill, or documents of a similar nature are acceptable)
Participants looking to contribute over 30 ETH are classed as VIPs. Individuals taking part in the Community Pre-Sale (at this level) must undergo additional, more rigorous checks, including having to satisfy “proof of funds”. This is for everyone’s safety.
What’s required as “proof of funds”?
VIP participants will be considered individually on a case-by-case basis.
Gibraltar due diligence measures requires participants looking to contribute 30 ETH or more, to prove the source of their income/wealth to a level of “plausible verifiability”. There are 2 elements to these requirements:
- documentation that the contributor’s economic activity is commensurate with the information provided as part of the AML/KYC process and;
- independent verification of documentation relating to the economic activity.
Participants must be able to justify the amount of money they are contributing, and the source of those funds, in line with their income.
When will the contributions be collected?
Contributions will be collected on an individual basis.
Firstly, participants must complete the Early Contribution Agreement (ECA). They then need to be KYC verified and we need to verify the funds. Part of this process is checking that contributions are made from countries sanctioned by Gibraltar.
Once all these steps have been completed and fully verified, we will countersign the ECA. At this point participants will have 3 days to make their ETH deposit into our Trezor.
For more information regarding MEDIA Protocol find us on our social channels below:
Telegram: https://t.me/Media_Protocol_Community and https://t.me/MP_Announcements