Animoca brands Chairman And BAYC Member Yat Siu Explains Why He KYC's Are Important For The Space:
Animoca brands chairman and Bored Ape Yacht Club member Yat Siu took to Twitter today to explain why his company and they BAYC is asking people to complete a know Your Customer.
As the Bored Ape Gazette previously reported, the BAYC announced a secret project that they have been working on with Anicoma Brands last night. “fuck it, again. http://somethingisbrewing.xyz, the BAYC tweeted last night. “This has been building over the last seven months. @AnimocaBrands will launch the first phase, and there’s more to come. P.S. we don’t like KYCs either, but we think you’re going to want to be a part of this.”
The BAYC and Animoca Brands did not give any further detail on what they’re working on; leading apes to debate whether to fill out the KYC.
After a night of debate amongst BAYC members, Siu took to Twitter to shed some light on the situation.
“Lots of discussion and some misunderstanding on why KYC is important, especially as it relates to our latest awesome collab Here is why #KYC is critical to the future of this industry #blockchain#NFTs. KYC is required by law in financial transactions to establish the legitimacy of a customer in order to prevent identity theft, money laundering and other financial crimes. Our digital existence co-exists with our physical. Whether we like it or not, there is always a thread connecting the virtual with the real, which means that all of us must abide by the laws and regulations of where we live and/or do business. Non-compliance results in penalties and can cause projects to be shut down. On the other hand, compliance helps to safeguard the future of a project and this includes our collaboration with @BoredApeYC. We use Blockpass, an independent KYC & AML self-sovereign identity provider. Neither @AnimocaBrands nor @BoredApeYC can see your personal info. @BlockpassOrg destroys your data after verification and only stores an anonymous representation of your data. https://blockpass.org. “Blockpass simply stores a special identifier, called a ‘hash’, of your personal information. Once your information is verified, it is sealed in a digital packet and put through a ‘hashing’ mechanism.” If you are still not comfortable declaring your BAYC wallet for the KYC process, you can simply register with a new wallet. You do not need to be a BAYC holder to participate in what’s coming soon.”
The Bored Ape Gazette will continue to follow this story and let you know when more information becomes available. Further, the Bored Ape Gazette has completed the KYC with a hot wallet in order to find out more about the KYC process. Stay tuned for continued coverage.