What is KYC?

KYC stands for “know your customer”, a requirement for financial apps to collect personal information about their users such as name, ID, and address in order to comply with local tax and anti-money laundering laws.

In VeVe users must complete KYC before they can participate in drops and make purchases on the marketplace.

Usage:

You will need to KYC before you can withdraw money from the VeVe app.

Full Definition:

KYC means “know your customer” and is a term for laws required by many countries that requires financial institutions to collect information about their customers for anti-money laundering (AML) and other regulatory requirements.

Providing KYC involves uploading personal informaiton to a service or app such as name, phone number, and address, as well as verifying this information with documents such as a drivers license or passport.

As of July 30th 2022, VeVe started requiring KYC from all users in order to unlock features such as participating in the marketplace or cashing out their gems to crypto or fiat.

KYCing on VeVe requires providing personal information, as well as providing a photo ID and proof of address.

Users who complete KYC are considered “VeVeVerified” within the app, and gain a full access to the app’s features.