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Can a Token Sale Be Fully Compliant without KYC?

Generally, a token sale cannot be fully compliant without KYC, especially if the token is classified as a security (STO) or if the project operates in a jurisdiction with strict AML/CTF (Counter-Terrorist Financing) laws. Only highly decentralized utility token sales with no central team might potentially avoid KYC, but even then, exchange listings often impose KYC requirements.

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