Questions regarding KYC for staking

Community
#1

Just a couple questions for the team to clear some things up…

For staking, will token sale participants be required to pass KYC again on the same wallets/addresses or are we all set for staking launch?

Also, as it stands, will holders of NEX from the US be eligible to submit KYC to stake their tokens? Those who acquired them on exchanges or OTC?

Most think that additional licenses may be needed to allow that so thought I’d try and get an official answer.

#2

To my knowledge if you did KYC in the token sale you are good to go.

#4

Yea that’s what I’m expecting but just looking to get it confirmed

#5

@canesin

Can LLC / incorporated entities buy and stake NEX?

#6

You’re suggesting a mass dump after 24 months which may not be out of the question.

Logically, dividing your bag into 24 and staking each at between 1-24 months then renewing each stake for 24 months as they expire would work well. However, there may be a few who lock it up for the 24 months as you suspect.

If a mass sell off occurs and NASH tokens lose value:

  1. this should bring significant trade volume. Those selling would lose out on the dividends generated from that sell off.
  2. Considering it will be a once off and any previous liquid NEX tokens were being traded at fair value (whatever ROI is deemed appropriate) the temporary decline in value would equal a higher ROI if volume is consistent. Free market forces would bring the price back up to equilibrium or fair value again depending on trade volume and acceptable ROI.

Conclusion: don’t be in such a rush to lock up all your tokens for 24 months as soon as possible.

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#7

Got the questions answered at the event today and will sum up what was said:

Those that passed KYC for the second round of the sale are all set for staking. Also Tier 1 KYC status for the exchange

Yes, US citizens will be able to submit KYC to allow them to stake their NEX tokens.

If you missed it, the questions were answered by Fabian during the second part of the event. It’s available to watch on YouTube

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#8

Yep…

Tier 1, for those that purchased up to 10,000 NEX during the ICO and completed KYC will not need to complete KYC again.

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#9

I just want to bump this thread, to make sure the information is still true, given the release of the KYC app

#10

This information is no longer accurate. It was discussed again more recently here:

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#11

Oh :frowning:
That’s disappointing. How and why did it get to this? Wasn’t clear from the posts …

#12

The new accounts system is totally different from the one used by the Extension / ICO. It is not trivial to associate accounts between the old and new systems. However, our KYC process should be fast and efficient.

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#13

Does that mean we don’t need to use extension wallet and address to stake?

#14

It is not possible to stake from the Extension. You have to pass KYC within the new Nash web platform and stake tokens from there.

The current Extension is an alpha product and it will eventually be updated to be integrated with the rest of Nash.

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#15

Cool! So I can get rid of it for now?

#16

You will still need it to log in to the Nash Community.

#17

Oh I see

#18

Can you please elaborate if Pak-istan & India will be among countries that will be able to do KYC using the app ?

#19

or better if you can publish list of allowed countries that will be open to exchange in near future, and list of countries that wont be allowed to use exchange.

#20

This list will be published on our knowledge base. However, I can confirm that Pakistan will be blocked from using our platform, whereas India will have full access.

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