{"id":5151,"date":"2023-07-11T13:20:20","date_gmt":"2023-07-11T11:20:20","guid":{"rendered":"https:\/\/kriptomat.cash\/what-is-kyc-know-your-client\/"},"modified":"2026-04-14T11:56:41","modified_gmt":"2026-04-14T09:56:41","slug":"what-is-kyc-know-your-client","status":"publish","type":"post","link":"https:\/\/kriptomat.hr\/en\/what-is-kyc-know-your-client\/","title":{"rendered":"What is KYC (Know Your Client)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5151\" class=\"elementor elementor-5151 elementor-2853\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3fa38a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fa38a0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ce1b38\" data-id=\"8ce1b38\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-340d305 elementor-widget elementor-widget-heading\" data-id=\"340d305\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Generally<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91b75d0 elementor-widget elementor-widget-text-editor\" data-id=\"91b75d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8220;Know your client&#8221; (eng. Know Your Client (KYC) is a standard in the investment industry that ensures that a financial service provider (in the case of cryptocurrencies centralized exchange) can verify the identity of the client and ensure that the client does not use the service for money laundering or other illegal actions. This protocol is applied at the beginning of the relationship between the client and the broker (exchange office) in order to establish the basic personal profile of each client. The client is also brought to the attention of the need to comply with all laws, regulations and rules of the industry.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66846ad elementor-widget elementor-widget-image\" data-id=\"66846ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/9d2c46f235fbac8038e0decb71b9e77a.jpeg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-319f743 elementor-widget elementor-widget-text-editor\" data-id=\"319f743\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/enhanced-kyc-checks-can-be-a-win-win-for-crypto-exchanges-and-consumers-heres-why\">cointelegraph<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55acb98 elementor-widget elementor-widget-heading\" data-id=\"55acb98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">KYC and crypto currencies<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-143ce99 elementor-widget elementor-widget-text-editor\" data-id=\"143ce99\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>One of the main characteristics of cryptocurrencies is that they are a decentralized alternative to centralized banking. However, this feature poses a challenge in preventing money laundering. Criminals see cryptocurrencies as a means of money laundering, and in response, state authorities are looking for ways to impose KYC under the obligation on cryptocurrency markets. Requiring cryptocurrency platforms to verify the identities of their users would be consistent with financial institutions, and while it is still not mandatory, many crypto platforms have implemented KYC. In early 2021. In 2011, FinCEN (U.S. Office of Combating Money Laundering) proposed that providers in the cryptocurrency and digital asset swaps market submit, maintain and verify the identities of their users. This proposal would classify certain cryptocurrencies as monetary instruments, subjecting them to KYC requirements. The idea behind this is that cryptocurrencies are not classified as currencies, i.e. money, but as financial instruments (stocks, bonds&#8230;), which of course does not coincide with the understandings of crypto enthusiasts, who believe that cryptocurrencies are the next form of money.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7bae002 elementor-widget elementor-widget-image\" data-id=\"7bae002\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/cc90a666-c4c4-439b-a89e-4f0c5d23c364.jpg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cbd7038 elementor-widget elementor-widget-text-editor\" data-id=\"cbd7038\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/aml-and-kyc-a-catalyst-for-mainstream-crypto-adoption\">cointelegraph<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3949d35 elementor-widget elementor-widget-heading\" data-id=\"3949d35\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Does KYC affect anonymity and decentralization?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-86f3db8 elementor-widget elementor-widget-text-editor\" data-id=\"86f3db8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Most cryptocurrencies are designed in a decentralized way. This allows users to remain anonymous and keep their personal information to themselves. However, regulators are becoming increasingly dissatisfied with this situation and, although it affects anonymity, most crypto exchanges are forced to introduce stricter KYC measures following pressure from regulators and state authorities. With this in mind, it is important to point out that kyc requirements do not apply to decentralized exchanges (DEX&#8217;s). These are all exchanges that organize their business through <a href=\"https:\/\/kriptomat.cash\/pametni-ugovori\/\">smart contracts<\/a>, instead of storing transaction data in a centralized data point. Users of these exchanges trade directly with each other using DEX infrastructure, and for these reasons KYC is still not required to use decentralized exchanges. However, while decentralized exchanges are currently not required to enforce KYC, regulators around the world are constantly changing laws and regulations, and as a result, DEX&#8217;s could be forced to enforce KYC in the future.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c4f0b41 elementor-widget elementor-widget-image\" data-id=\"c4f0b41\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/2048_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8zNGMwNGM0Mjk3OWQ1ZGZlNDA3MzAyM2E4YmFlNzA3YS5qcGc=.jpg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-92c74db elementor-widget elementor-widget-text-editor\" data-id=\"92c74db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/cointelegraph.com\/explained\/dex-explained\">cointelegraph<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6650165 elementor-widget elementor-widget-heading\" data-id=\"6650165\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What documents are needed for KYC<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02ab551 elementor-widget elementor-widget-text-editor\" data-id=\"02ab551\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Exchange users generally have to provide a government-issued identification document (most often an ID card) as proof of identity. Some exchange offices also accept other identification documents such as a driver&#8217;s license or passport. In addition to identity verification, the residence address must also be confirmed. You will most often do this with a document confirming the address of the residence (electricity, water bill&#8230;).<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-010046a elementor-widget elementor-widget-image\" data-id=\"010046a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/01cff5394afb8d3c8096053ce86424a2.jpg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d79891c elementor-widget elementor-widget-text-editor\" data-id=\"d79891c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/what-crypto-exchanges-do-to-comply-with-kyc-aml-and-cft-regulations\">cointelegraph<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8d8345 elementor-widget elementor-widget-heading\" data-id=\"e8d8345\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a656dd elementor-widget elementor-widget-text-editor\" data-id=\"1a656dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"MsoNormal\"><span style=\"font-size: 14.0pt; line-height: 107%; font-family: 'Arial',sans-serif;\"><span style=\"font-family: Roboto, sans-serif; font-size: 16px;\">&#8220;Know Your Client&#8221; (KYC) is a set of standards and requirements that investment and financial service providers use to verify the identity of their clients and prevent illegal actions such as money laundering and the like. KYC requires clients to provide a personal identification document confirming their identity and age, and a document confirming the address of residence is required. Slowly but surely this standard is being implemented under mandatory within the cryptocurrency market, but on our Kriptomats you can trade up to 995 euros per day without having to register. We hope that you enjoyed reading today&#8217;s blog, and we are interested in your opinion on this procedure, so write about it on our social networks (<a href=\"https:\/\/twitter.com\/Kriptomat_Cash\">Twitter<\/a>, <a href=\"https:\/\/www.instagram.com\/kriptomat.hr\/\">Instagram<\/a>).  <br \/>Until next blog.<\/span><br \/><\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Generally &#8220;Know your client&#8221; (eng. Know Your Client (KYC) is a standard in the investment industry that ensures that a financial service provider (in the case of cryptocurrencies centralized exchange) can verify the identity of the client and ensure that the client does not use the service for money laundering or other illegal actions. This [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":11464,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-5151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kripto-sigurnost"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is KYC (Know Your Client) - Kriptomat<\/title>\n<meta name=\"description\" content=\"KYC is an abbreviation for getting to know your client, and refers to the process of verifying the identity of clients who use financial services. In the world of cryptocurrencies, KYC is important for preventing money laundering and other abuses. In this blog we will explain how KYC works and why it is useful for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kriptomat.hr\/en\/what-is-kyc-know-your-client\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is KYC (Know Your Client) - Kriptomat\" \/>\n<meta property=\"og:description\" content=\"KYC is an abbreviation for getting to know your client, and refers to the process of verifying the identity of clients who use financial services. In the world of cryptocurrencies, KYC is important for preventing money laundering and other abuses. In this blog we will explain how KYC works and why it is useful for you.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kriptomat.hr\/en\/what-is-kyc-know-your-client\/\" \/>\n<meta property=\"og:site_name\" content=\"Kriptomat\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-11T11:20:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-14T09:56:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kriptomat.hr\/wp-content\/uploads\/2023\/05\/kyc.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1434\" \/>\n\t<meta property=\"og:image:height\" content=\"955\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Matej\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matej\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/\"},\"author\":{\"name\":\"Matej\",\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/#\\\/schema\\\/person\\\/e52b90c2aeb15a9d41299e2b5eee3f8d\"},\"headline\":\"What is KYC (Know Your Client)\",\"datePublished\":\"2023-07-11T11:20:20+00:00\",\"dateModified\":\"2026-04-14T09:56:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/\"},\"wordCount\":649,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/kriptomat.hr\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/kyc.png\",\"articleSection\":[\"Kripto Sigurnost\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/\",\"url\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/\",\"name\":\"What is KYC (Know Your Client) - Kriptomat\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/kriptomat.hr\\\/en\\\/what-is-kyc-know-your-client\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/kriptomat.hr\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/kyc.png\",\"datePublished\":\"2023-07-11T11:20:20+00:00\",\"dateModified\":\"2026-04-14T09:56:41+00:00\",\"description\":\"KYC is an abbreviation for getting to know your client, and refers to the process of verifying the identity of clients who use financial services. 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