Rethinking Regulation - Bity's fight for justice in ATM regulation

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Tickets

Price: 35'000 Satoshis - including 2 drinks
Evening Box office CHF 20.00

Seat number at TRUST SQUARE Lounge Paradeplatz are limited.

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Alexis Roussel is a pioneer in the Swiss Crypto Industry. Founder of Bity SA (CHE-329.301.814) in 2014 he pursues the mission to built a universal cryptocurrency gateway that provides secure and reliable products and services in the Bitcoin/crypto space. He is COO of NYM Technologies and author of a book on digital integrity.

The regulatory environment is a balancing act between fostering innovation and legacy industry interests.

The recent tightening of KYC for Bitcoin/Crypto by FINMA is an unnecessary unilateral discrimination. Anyone using a Bitcoin ATM in Switzerland must now do a KYC check, so to say reveal their identity, if they transact more than 1'000 CHF over a 30-day period.

The implementation of this new rule lacks democratic procedures, says Alexis Roussel! This is why Bity has opened a case against FINMA in front of the Federal Administrative Tribunal.

Bity's complaint points to what it sees a regulatory gray area, since FINMA-licensed entities do not include money transfer-type businesses and it should be up to self-regulatory organizations (SRO's) such as financial standards association VQF to define how members best implement anti-money-laundering laws.

However, the soft power of FINMA has seen these SROs automatically include new rules and becoming an echo chamber, without a clear ability to legally challenge these rules.

A "sweet surrender" to regulatory rules implemented by FINMA, or any regulatory authority, might seem appealing initially, as it could provide a sense of legitimacy and compliance. However, there are potential risks associated with such a surrender that businesses and individuals should carefully consider.

Alexis Roussel will talk us through risks surrendering bears and explains the purpose of his "David against Goliath" legal battle against FINMA.

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Bity vs FINMA legal case full details and fund