Friendly Crypto Regulatory offered by Liechtenstein PM

Liechtenstein government declares they’ll be taking a light-handed approach to blockchain technology with a new “Blockchain Act”
04 April 2018   525

Liechtenstein have recently recommended itself as a blockchain center. It is the sixth smallest country in the world  with a population of 40,000 people, and also it is home to more businesses than factual citizens because of the low tax rate.

Liechtenstein is specially engaging to blockchain businesses due to the lightness with which they can be established: it’s not obligatory to open a bank account to launch a firm. Also all the financial activities of a company can be realised with Ethereum or Bitcoin according to the country’s leading financial institution Bank Frick (accepting cryptocurrency directly). Yanislav Malahov, the Aeternity blockchain creator, founded a shop in Liechtenstein, reporting Forbes “they’re making it really easy to incorporate a cryptocurrency business”.

Crown Prince Alois is interested in using blockchain technology for administrative government purposes. He is stating his family’s involvement in cryptocurrency investment, among the richest royal families in Europe. It’s no surprise that Liechtenstein is aimed to take it very easy on blockchain regulatory in their upcoming legislation known simply as “The Blockchain Act”.

Adrian Hasler (Liechtenstein`s Prime Minister) affirms that the new order objects to “provide the necessary legal framework for a wide range of new services and business models relating to these technologies”, claiming that it “goes much further than the blockchain legislation of other countries” in his speech at a Finance Forum in late March.

Last month the Prime Minister of Malta encouraged the offered relocation of Binance HQ to their island, while announcing his support for blockchain technology and calling on other EU leaders to connect him “on the frontline in embracing this crucial innovation” and create the “Bitcoin continent of Europe”.

Liechtenstein is definitely among those countries replying the call, with their Financial Market Supervisory Authority at the helm officially processing over 100 blockchain and cryptocurrency-related requests so far in their effort to state themselves as a leading blockchain nation.

MEW to Launch KYC-less Crypto Withdrawal

Service is available in Euro and Francs to all bank account holders with an international bank account number (IBAN)
21 February 2019   77

MyEtherWallet, a popular cryptocurrency wallet, in collaboration with the Swiss company Bity, introduced the Fiat service, which allows you to exchange digital assets for euros and Swiss francs without verification.

It is noted that the service is available to all bank account holders with an international bank account number (IBAN).

Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.

MyEtherWallet Team

To use Exit-to-Fiat, the user must specify Bity as the service provider in the asset exchange section. You will also need to provide a phone number, bank account details and a billing address.

This information is transmitted to Bity to comply with legal requirements and is not stored by MyEtherWallet.

The maximum transaction size is limited to 5,000 francs (about $ 5,000).