MyEtherWallet, a free, open-source, client-side interface for creating Cryptocurrency wallets, has introduced a platform, in collaboration with crypto finance firm Bity that can be converted Cryptocurrency to fiat without the requirements of KYC (Know Your Customer). As part of the announcement, users of the MyEtherWallet V5 wallet are now capable of exchange up to USD 4,995 (5,000 Swiss Francs) worth Bitcoin and Ethereum to Euros and Swiss francs without filling KYC requirements inside the wallet.
Know Your Customer is a process that permits organizations to validate the identity of their customers before or during dealing with them. With this process, businesses can assess whether their clients are involved in unlawful activities like money laundering or corruption. But with Exit-to-Fiat options, customers now have to select the digital and fiat currencies in the wallet dashboard. Customers will further be asked to provide some personal data like their phone number, banking details, the official name of their bank account, and the billing address required for compliance purposes. Improved privacy and anonymity of Cryptocurrencies have always been linked by the governments and regulators to illegal activities and the possibility of money laundering.
In the same context, the Cyberspace Administration of China (CAC) last month launched new regulations for Blockchain-based businesses in their country. Within the CAC guidelines, Blockchain startups are required to allow access to stored data, and to begin a registration process that would ask for an ID card or mobile numbers from its users. Similarly, Amazon Technologies, Inc, in last April, received a patent for a streaming data marketplace that would allow the combining of compound data sources, in that way allowing the real-time tracking of Cryptocurrency transactions and the involved users.