Crypto users within Europe now have a new option to convert Bitcoin and other crypto assets into fiat without the need for verification via Know Your Client (KYC) checks. MyEtherWallet (MEW) have revealed a new integration with Bity which will allow MEW V5 users to exchange crypto to fiat.
Clients on the “Exit To Fiat Gateway” service will be able to exchange Bitcoin and Ethereum with Euro (EUR) or Swiss Francs (CHF) inside the wallet. There is however, a limit of approximately $5000.
A blog post by MyEtherwallet stated that Bity are able to offer this KYC platform because they are compliant with the Swiss Anti-Money Laundering Ordinance (AMLA). The AMLA sets out requirements for “the professional practice of financial intermediation and the due diligence obligations and reporting duties which traders must fulfil”.
Exit-To-Fiat Is A Game Changer For Crypto Users
KYC regulations have been one of the obstacles to crypto adoption, with it often being a difficult and lengthy process, and it is part and parcel of almost every exchange. Governments around the world have bulldozed exchanges into adopting KYC so that they can continue to collect taxes.
However, this new service could be transformative. MEW is not a centralized custody service but only provides the tools for users to make their own wallets, and because Bity is Switzerland-based and comply with all regulations, the Swiss government is happy with their verification methods.
“This Exit-to-Fiat gateway is a game-changer for cryptocurrency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified,” said MEW founder and CEO Kosala Hemachandran.
Bity already operates crypto ATMs across Switzerland, including in cities such as Lausanne, Basel and Zurich, which makes accessing your crypto funds easy if you live there. This new service lets users take advantage of Bity’s Exit to Fiat Gateway from any part of the world.
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