How to sell Bitcoin anonymously in Spain at a +1% fee (for the last time)

Sell Bitcoin anonymously befoer Bitcoin ATMs in Spain turn full KYC

According to a previous article about KYC and AML emphasizing the KYC status of buying and selling Bitcoin in Spain, the Spanish legislators in 2020 proposed an amendment to Spain's AML and terrorist financing laws to require cryptocurrency providers to register with the bank of Spain to comply with the EU's AML directive. The amendment, compliant with the EU's 5th Anti-Money-Laundering Directive (AMLD5), was said to be open for application from October 2021.

In layman's terms, the new Spain laws say all virtual assets service providers must operate according to the EU AML directives, allowing only full KYC of its users. By implication, anyone using a virtual asset platform in Spain needs to perform KYC, implying that the previous limits of $1000 worth of Bitcoin have been removed. To buy or sell any amount of Bitcoin across the various law-abiding outlets, users must verify their identities. However, there are still ways users can buy and sell Bitcoin anonymously before the deadline elapses.

While this article highlights the new Spanish law that requires users to perform full KYC before buying and selling Bitcoin, It explains the KYC limits and when Shitcoins will start the full implementation. Users can buy and sell Bitcoin anonymously in Spain using Shitcoin's Bitcoin ATM until the full KYC implementation.

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Last chance to Buy and Sell Bitcoin anonymously in Spain.

In compliance with the Spanish new law directing all virtual service providers to activate KYC for all Bitcoin transactions, the Shitcoin Bitcoin ATM will fully comply with every other law-abiding virtual service provider in Spain. Therefore, users are encouraged to approach their exchanges and Bitcoin ATMs to verify their identity in order to continue using the various services in Spain.

However, users can still buy and sell Bitcoin anonymously on any of the company's Bitcoin ATMs while the offer lasts. The company will be gouging full-blown KYC on 15th May 2022. After that window, anyone intending to buy and sell bitcoin needs to perform full KYC to use the Shitcoin ATMs.

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Advantages of buying and selling Bitcoin anonymously on Shitcoin's Bitcoin ATMs in Spain

To buy and sell bitcoin anonymously, users need to approach the company's Bitcoin ATM in Spain before 15th May 2022. Not only that users can buy and sell Bitcoin anonymously before the stated date, but the company also has every user will be glad to take.

Any user who approaches the Bitcoin ATM on or before the stated date stands the chance of enjoying a 0.5% discount for every transaction made.

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Understanding KYC in Spain

Having talked about the Spanish regulator's KYC directives and how virtual assets service providers comply with them, it is necessary to understand what KYC is before questioning if it is for the best in cryptocurrency users. KYC is a short form of Know Your Customer, due diligence expected of service providers.

While this article talks explicitly about KYC of virtual assets, KYC is applicable beyond crypto. The Know Your Customer (KYC) is foundational due diligence that requires financial institutions to identify their users following AML/CFT compliance and regulatory standards. Like traditional financial institutions, KYC in crypto involves ongoing screening and monitoring of customer engagement with a particular firm's services. The institution can protect its users from manipulations, terror financing, money laundering, and theft. Every financial institution that wants to reduce theft, manipulations, etc., needs KYC. However, there are limits, advantages, and disadvantages of KYC.

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Why full KYC may not be the best

Full KYC requires users to verify their identity for every Bitcoin transaction. While it could be a good thing for regulators, users often frown at KYC, stating it bridges their privacy and that institutions can misuse the data obtained, among other users' fears. Others say activating KYC for all transactions will limit innovations as well as posing a problem in case of emergencies as seen in the Ukraine case where cash ATMs went out of service.

According to European Commission communication, in a previous announcement regarding anonymous Bitcoin on 21.07.2021, full KYC will ensure full traceability of crypto-asset transfers, such as bitcoin, prevent their possible use for money laundering and terrorist financing, and facilitate the detection of such cases. However, the commission fails to look at the cost of full KYC on all transactions.

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