Compliance is different in different countries or even in different counties. It changes over time, and the KYC process is a nuance for people to go through the process, too.
But most of us--banked population--already have gone through the KYC process with banks.
Can we leverage the banks ' verifications instead of going through KYC and other user compliance processes?
I guess that's probably a question for lawyers.
Anyways, building the compliance process could be costly to the companies and tedious for the users. But this is also a barrier to entry.