MetaMask, a popular Ethereum wallet and browser plugin, has added a function to convert digital assets to fiat cash and transfer it to a bank account or PayPal account. The function is currently accessible in the United States, the United Kingdom, and portions of Europe. MetaMask intends to grow into other locations in order to better serve its global community and provide a self-sufficient Web3 experience with fewer middlemen and speedier fiat conversion directly to users’ destinations. MetaMask connects an internet browser to Ethereum’s blockchain, allowing users to store keys and perform transactions with exchanges and decentralized apps.
Circle has expressed issues about the European Banking Authority’s intention to expand its anti-money laundering and terrorist financing principles to cryptocurrency exchanges. The stablecoin issuer stated that the phrase “providers of services in the crypto-assets ecosystem” is inaccurate and should not include enterprises that are not subject to MiCA’s regulatory jurisdiction. The new EBA rules should be technology-fair and adhere to EU legislative standards such as the Markets in Crypto-Assets Regulation and the Transfer of Funds Regulation. Circle further claimed that self-hosted wallets are not a general sign of high risk, citing a July 2021 FATF analysis that indicated a lack of agreement on the scale of the P2P market and the accompanying money laundering and terrorism financing risk. The suggested modifications would broaden the rules’ reach to include crypto-asset service providers.