What Is KYC
KYC stands for Know Your Customer. It is the process of verifying your identity before you can invest.
Why KYC Exists
Financial services are required by law to verify customer identities. This helps prevent:
Money laundering
Terrorist financing
Fraud
Tax evasion
These regulations apply to traditional banks, investment platforms, and cryptocurrency services that handle significant transactions.
How KYC Works on OpenHouse
When you sign up, you will be asked to verify your identity through Persona, a regulated verification service.
The process:
Enter your personal information (name, date of birth, address)
Upload a photo of your ID (passport, national ID, or driving licence)
Take a selfie for facial matching
Wait for verification (usually minutes, sometimes up to 48 hours)
Once approved, your wallet address is added to the Compliance Registry on the blockchain. This allows you to purchase and receive property tokens.
What Information Is Collected
Full legal name
Date of birth
Nationality
Residential address
Government-issued ID document
Selfie for biometric verification
This information is handled by Persona and stored securely according to data protection regulations.
What Happens to Your Data
Your personal information is:
Used only for verification purposes
Stored securely with encryption
Retained as required by law (typically 7 years after relationship ends)
Never sold to third parties
Protected under UK GDPR
See our Privacy Policy for full details.
If Your Verification Fails
Common reasons for rejection:
Blurry or unclear document photos
Expired ID
Information mismatch between documents
Resident of a restricted country
Document type not accepted
If your verification is rejected for a fixable reason, you can resubmit with correct documents.
Restricted Countries
Some countries are restricted due to sanctions or regulations. If you are a resident of a restricted jurisdiction, you will not be able to complete verification.
Restricted countries include those under comprehensive international sanctions.
KYC and Blockchain
The blockchain is public and permissionless, but OpenHouse operates within legal requirements. This is why:
You need KYC approval before buying tokens
You need KYC approval to receive transferred tokens
You do not need KYC to sell tokens or claim yield (you should always be able to exit)
The Compliance Registry smart contract enforces these rules on-chain.
Privacy Considerations
Your identity information is not stored on the blockchain. Only your wallet address is added to the Compliance Registry, marked as approved.
No one looking at the blockchain can see your name, address, or documents. They can only see that your wallet is verified.
One-Time Process
You only need to verify once. After approval, you can invest in any property on OpenHouse without repeating verification.
Your approval may expire if regulations change or if you do not use the platform for an extended period. If this happens, you may need to reverify.
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