Yes. KYC is necessary. Non-US and non-FATF blacklisted citizens are welcome to participate. Please see the full list of blacklisted countries.
You should complete the KYC verification before depositing stablecoins to the offerings. You can first stake a FINC token, then complete the registration period and then complete the KYC. However, if you didn't complete a KYC, you won't see any allocation.
Please head up to Sign-Up to complete your KYC and verify your wallet in under 60 seconds.