Cryptocurrency wallet MyEtherWallet has entered into a collaboration with crypto finance firm Bity. The collaboration is all set to release a platform that converts cryptocurrency to fiat currencies without Know Your Customer (KYC) requirements, as announced by MEW in a blog post published on February 21.
We are thrilled to announce a new integration with our long-time partner @bity :
See our Medium for details!https://t.co/KItbYYgbXm
— MyEtherWallet.com (@myetherwallet) February 20, 2019
Switzerland-based Bity is an audit brokerage firm which provides leading crypto finance services for customers across the world. Bity operates a network of crypto ATMs across five cities in Switzerland.
MyEtherWallet further noted that:
“Today, we are excited to reveal a new integration with Bity which allows MEW V5 users to exchange crypto to fiat without needing to be KYC verified, up to CHF 5000 (which happens to be approximately equal to USD 5000).”
The MEW further stated that – for the first time, cryptocurrencies like Bitcoin and Ethereum could be transferred seamlessly with fiat currencies like Euros or Swiss Francs through the wallet.
The blog post provides instructions on how users can immediately test the new ‘exit to fiat’ option within MEW V5. In brief, users only need to provide their phone number and bank account details to transform their crypto to fiat. Since most phone numbers and bank accounts already have customers’ KYC, the transactions can still be traced back to users.
Bity is capable of allowing KYC-less ‘Exit-to-Fiat’ gateway as it is regulated with the Swiss Anti Money Laundering Ordinance (AMLA).
Due to enhanced privacy and anonymity of cryptocurrencies, cryptocurrencies come under the governments and regulators to crack on illegal activities and the possibility of money laundering. Last month, China had imposed regulations on companies which utilize blockchain technology. The companies have to adhere to new regulations published by the Cyberspace Administration of China (CAC).
The CAC report titled with the ‘Blockchain Information Service Management Regulations,’ will allow governments to access data and identify users. Besides, the companies will be obliged to supervise content and censor information which is banned under current Chinese law.