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Europeans now have a new option to convert Bitcoins and other cryptographic resources into fiat without having to undergo identity verification. To this end, the Swiss Bity service has been integrated with MyEtherWallet to enable a seamless transition of funds between MEW portfolios and Bity accounts.
Swiss Cryptography Company Eliminates KYC Requirements for $ 5,000 Purchases
Switzerland has gained a reputation as a safe haven for crypto-companies. | Source: Shutterstock
Bity supports movements up to 5,000 CHF (around 5,000 USD) without a KYC verification process. According to a press release, Bity is a totally legal service within the meaning of Swiss law.
The company writes:
"Bity is able to offer this Exit-to-Fiat gateway without KYC because it complies with the Swiss Money Laundering Act (AMLA). Bity is a regulated and regulated financial intermediary in Switzerland. "
Calling the "Output-to-Fiat" service, the Bity option is now available in the fifth version of MyEtherWallet. The exchange service supports Ether, Bitcoin, Euros and Swiss Francs.
In addition to its online services, Bity operates a number of Bitcoin ATMs in Switzerland. They have offices in Zurich, Zug, Winterthur, Basel and Lausanne.
Escape from Fiat without intrusive regulation
A Bity transaction in MyEtherWallet.
Client knowledge laws have been widely viewed as an obstacle to the adoption of cryptography. Until recently, client verification was an expensive and difficult process. Some companies and some customers still take days to board, while others have contracts with providers able to verify the identity in minutes.
Money laundering is considered a major concern with regard to cryptocurrency, with private coins, such as Monero, being particularly abused compared to the practice. Senator Charles Schumer once said of Bitcoin:
"It's a form of money laundering online used to hide the origin of money and to conceal who sells and buys drugs."
However, on the whole, money laundering is still the monk. Illicit transfers of up to $ 2 trillion are made annually through regular banks. The public character of the blockchain makes it a less attractive option for money laundering than traditional species. Money laundering is even more difficult as blockchain badysis companies are developing and serving governments, as well as exchanging information about the transactions of their users.
MyEtherWallet also announced the integration of Changelly, a ShapeShift alternative that does not require KYC for certain transactions. The company primarily facilitates the trading of tokens and is integrated with several other portfolio services, such as Edge Wallet.
Missing KYC may be a good advertisement, but there are obvious disadvantages. On the one hand, the limit of $ 5,000 exceeds just 1.2 BTC at the present time. Serious traders will be more interested in higher limits, which Bity also supports – after a verification process.
In addition to online brokerage services, physical Bitcoin ATMs are becoming more available, complementing services such as LibertyX, which allows merchants to process Bitcoin sales for their US customers. Many Bitcoin ATMs offer a two-way service – you can buy and sell crypto through them. Most require an abbreviated process of KYC, which involves scanning your identity card.
Featured image of Shutterstock
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