SEC has questions to cryptocurrency investment funds

Learn about what the Securities and Exchange Commission of US thinks about cryptocurrency investment funds
11 December 2017   794

On her speech at the ICI Securities Law Developments Conference in Washington, D.C., on Thursday, Division of Investment Management director Dalia Blass said the agency is weighing questions related to newly-registered funds that plan to hold cryptocurrencies.

We also continue to think about new innovations in asset management. For example, we have seen several filings for registered funds that would hold cryptocurrency. As with any new product, there are questions to ask.
 

Dalia Blass

Division of Investment Management director, SEC

These are interesting questions: how to differentiate different types of assets and is there enough proper information to prospective investors regarding the related risks?

How would these funds fit into the existing regulatory scheme? What regulatory structure or structures apply to the market for the underlying instrument? We will be discussing these questions with you as we work through these filings.
 

Dalia Blass

Division of Investment Management director, SEC

These interesting comments came along with growing activity out of the SEC around blockchain, including its policing of initial coin offerings (ICOs) that involve U.S. investors

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).