Cryptocurrency wallet MyEtherWallet (MEW), in collaboration with crypto-financing firm Bity, brings a platform for converting cryptocurrency to fiat without Know Your Customer (KYC) requirements. MEW has announced the news in a blog post published on February 20.
Cryptocurrency wallet MyEtherWallet (MEW), in collaboration with crypto financing firm Bity, is releasing a platform for converting cryptocurrency to fiat without Know Your Customer (KYC) requirements. MEW has announced the news in a blog post published on February 20.
According to the announcement, users of the MEW V5 wallet can now exchange up to 5,000 Swiss Francs ($ 4,995) for Bitcoin (BTC) and Ethereum (ETH) for euros and Swiss francs without passing the KYC requirements in the portfolio. Users can reportedly make the exchange from any part of the world.
KYC procedure enables organizations to verify the identity of their customers before or during their treatment. Companies can assess whether customers are involved in illegal activities such as money laundering or corruption.
To use the so-called “Exit-to-Fiat” option, customers must choose the digital currency and fiat currency in the wallet dashboard. Users are further requested to provide some personal information, including their telephone number, bank details, the official name of their bank account and the billing address required for compliance purposes.
Improved privacy and anonymity of cryptocurrencies are always linked by governments and regulators to illegal activities and the possibility of money laundering. Last month, the Cyberspace Administration of China (CAC) introduced new rules for blockchain companies operating in the country.
The CAC guidelines require blockchain startups to allow authorities to access stored data and to enter registry procedures that require user ID cards or mobile numbers. Moreover, they are obliged to monitor content and censor information that is prohibited by current Chinese legislation.
In April 2018, Amazon Technologies, Inc. received a patent for a streaming data marketplace that would allow the combination of multiple data sources, enabling real-time tracking of cryptocurrency transactions and the users involved. This would essentially lead to the de-anonymization of transactions involving Bitcoin, Ethereum or any other non-privacy cryptocurrency.
As per the announcement, users of the MEW V5 wallet can now exchange up to 5,000 Swiss francs ($ 4,995) with the value Bitcoin (BTC) and Ethereum (ETH) for euros and Swiss francs without going through the KYC requirements in the portfolio. Users can reportedly exchange from every part of the world.
KYC procedure enables organizations to verify the identity of their customers before or during their treatment. Companies can assess whether their customers are involved in illegal activities such as money laundering or corruption.
To use the so-called “Exit-to-Fiat” option, customers must choose the digital target and fiat currency in the wallet dashboard. Users will be further asked to provide some personal information, including their telephone number, bank details, the official name of their bank account and the billing address required for compliance purposes.
Improved privacy and anonymity of cryptocurrencies are always linked by governments and regulators to illegal activities and the possibility of money laundering. Last month, the Cyberspace Administration of China (CAC) introduced new rules for blockchain companies operating in the country.
The CAC guidelines require blockchain startups to allow authorities to access stored data and to enter registry procedures that require user ID cards or mobile numbers. Moreover, they are obliged to monitor content and censor information that is prohibited by current Chinese legislation.
In April 2018, Amazon Technologies, Inc. received a patent for a streaming data marketplace that would allow the combination of multiple data sources, enabling real-time tracking of cryptocurrency transactions and the users involved. This would essentially lead to the de-anonymization of transactions involving Bitcoin, Ethereum or any other non-privacy cryptocurrency.
