Many are aware that when you setup an account with a renowned crypto exchange for example, you will require to go through a know-your-customer (KYC) process.
As soon as you complete this mandatory process, it will enable individuals to carry out purchases in cryptocurrency and given permissions to withdraw.
This article will explain what KYC is, what the process entails and how to get KYC on NovoPad.
"Know your customer" is short for KYC which also stands for "know your client" and it is the process of verifying a customers identity.
This is predominantly used within financial institutions and businesses part of the of the financial sector which does include stock exchanges, banks and of course now, cryptocurrency.
The main purpose of KYC is to provide evidence that the person claiming who they are, is actually that individual.
This is in place to stop any fraudulent activities such as laundering money or fund any other illegal activities as well as evasion of tax.
Any project owner can KYC with NovoPad, at this moment in time, only project owners and/or devs are required to KYC.
The KYC process is mainly for our Sapphire, Jade, Opal and Red Diamond Tiers, however, the standard tier can also apply based on criteria which will have to be met and is on an individual basis.
The only ways to apply for KYC is as follows:
For example for Novoos, it would be "NovoPad KYC - Novoos".
Please ensure you contact NovoPad in an advance to apply for KYC, the process may take longer and is dependent on individual and case by case basis as the only way to understand and obtain the guidance is via the above two ways.
Every project will be presented with a KYC certificate as per below with the amended details as required.