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Know Your Customer (KYC)
Know Your Customer, usually shortened to KYC, refers to processes financial businesses use to identify and verify their customers. This commonly involves collecting information such as a person's identity and other information required under the applicable compliance framework.
Why it matters to you
Many tokenized assets cannot simply be bought anonymously through any blockchain wallet. Investors may need to complete KYC before purchasing, receiving or transferring certain tokens, particularly where regulated financial products are involved.
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