KYC: What It Is, How It Works & How It Is Connected To WEB3

The idea of the Web3 economy is built on freedom, decentralization, democratization and transparency. At the same time, key organizations and institutions are still trying to regulate blockchain projects and fight the consequences of anonymity: money laundering, for example. That's why many crypto exchanges and projects have implemented KYC. In this article, we will tell you what it is, how KYC works, and why the procedure cannot be abandoned.