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Rethinking Regulation – Bity’s fight for justice in ATM regulation
September 14 @ 7:00 pm - 9:00 pm
****************** REGISTRATION VALID ONLY WITH **[TICKET](https://legend.lnbits.com/events/kkmiEeLrSYohDpTaLehcgU)** *****************
**Tickets**
Price: 35’000 Satoshis – including 2 drinks
Evening Box office CHF 20.00
Seat number at TRUST SQUARE Lounge Paradeplatz are limited.
>>> Get your [T I C K E T ](https://legend.lnbits.com/events/kkmiEeLrSYohDpTaLehcgU)
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](https://www.finma.ch) 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](https://btcpay.nymte.ch/apps/2aks2XSx8ogQFc2CPuKVben8KNcP/crowdfund).
[www.bitcoinassociation.ch](www.bitcoinassociation.ch)
[https://trustsquare.ch/en](https://trustsquare.ch/en)
[https://bity.com](https://bity.com)
[Bity vs FINMA legal case full details and fund](https://btcpay.nymte.ch/apps/2aks2XSx8ogQFc2CPuKVben8KNcP/crowdfund)