I have been using the Platform for a little over 90 days and I have seen a few changes. I wanted to write a quick post about what’s goin on over there now.
Probably the biggest change and possibly the most controversial is the addition of Know Your Customer (KYC) requirements. This is a new addition to the site that many have been asking for and many have been trying to avoid.
The new requirement for KYC will start on March 31, 2022. Starting on April 14, 2022 all new users will be required to to complete the KYC process in order to get full access to the platform. If you do not go through the KYC you will not be able to make deposits, swaps, and earning rewards.
All currently registered users will be required to complete KYC by April 28, 2022. Users who haven’t passed the verification by this day will have the ability to only withdraw from the platform.
Why did Midas do this?
This was done in order to strengthen user protection, risk management protocols, and overall security. Before Midas is able to go into full asset management (for which KYC is required) the KYC is mostly a preparation.
For those concerned about reporting to governments. Midas will not start sending reports about you on the first day, since Midas still needs to meet other requirements prior to obtaining a license. The KYC and Anti Money Laundering (AML) processes will be established through the Swiss compliance officer.
What about taxes?
Regarding US clients, Midas understands there are many complexities to the US financial system, especially in terms of reporting requirements. Midas is working hard behind the scenes to ensure the best possible experience for all users. Currently in the Discord tax chat there are some useful tools which have been graciously provided by one of the tutors.
Thank you for reading and if you would like to use Midas and earn 20% APY on stable coins please use my referral
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