Is KYC good or bad?

As a questioner, I'm curious to know: is KYC, or Know Your Customer, a good or bad thing in the world of cryptocurrency and finance? On one hand, it can help prevent money laundering, fraud, and other illegal activities by ensuring that users are who they say they are. However, on the other hand, it can also raise concerns about privacy and data security, as well as potentially limit access to financial services for those who may not be able to easily provide the necessary documentation. So, what's the verdict? Is KYC ultimately a positive or negative force in the world of cryptocurrency and finance?