Bank

DeFi

Planet

<div class="intro-text">
 The Swiss Financial Market Supervisory Authority (FINMA)<a style="color: #0000ff;" href="https://www.finma.ch/en/news/2019/09/20190911-mm-stable-coins" rel="noopener noreferrer nofollow"> has issued new guidelines</a> to address risks associated with stablecoins for both issuers and banks offering guarantees. 
</div>
These guidelines emphasize the importance of stablecoin issuers verifying the identities of token holders and beneficial owners to mitigate potential risks.
FINMA clarified that banks accepting public deposits in exchange for stablecoins typically require a banking license. However, issuers may be exempt if financial lenders provide default guarantees under specific conditions. To protect depositors, FINMA outlined minimum requirements for such guarantees, including direct claims against the Swiss bank providing the guarantee in case of issuer bankruptcy, and coverage of the total amount of public deposits, including interest.
These guidelines build upon FINMA’s September 2019 supplementary guidelines on initial coin offerings (ICOs). They also reference a recent Federal Council report highlighting the need to address regulatory gaps in the stablecoin sector. However, specific details of the proposed actions that were in line with the suggestions were not provided.
Notably,&nbsp; European institutions have been actively releasing new guidelines for the financial industry as the region prepares for a new regulatory regime. <a href="https://defi-planet.com/2024/07/new-eu-guidelines-mandate-crypto-exchanges-to-comply-with-aml-reporting-by-december-2024/" rel="noopener noreferrer nofollow">&nbsp;The European Banking Authority (EBA) recently expanded its Travel Rules guidelines to include crypto service providers and their intermediaries.</a> Starting December 30, crypto exchanges operating within the European Union (EU) will need to comply with new rules that mandate reporting information on fund and crypto asset transfers. These new rules effectively bring crypto-asset service providers (CASPs) under the EU’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework.&nbsp;
Additionally,&nbsp; <a href="https://defi-planet.com/2024/07/italys-central-bank-set-to-roll-out-guidelines-for-implementing-eu-crypto-regulations-mica/" rel="noopener noreferrer nofollow">the Bank of Italy will soon issue guidelines on implementing the EU’s Markets in Crypto-Assets Regulation (MiCA).</a> Governor Fabio Panetta announced on July 9, 2024, that these new guidelines aim to ensure the effective application of MiCA and protect cryptocurrency holders.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/07/swiss-financial-regulator-issues-new-guidance-on-stablecoins/" rel="noopener noreferrer nofollow">Swiss Financial Regulator Issues New Guidance on Stablecoins</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Swiss Financial Regulator Issues New Guidance on Stablecoins

DeFi Planet

المزيد من المقالات نُشرت في ٢٦ يوليو ٢٠٢٤

What Coinbase’s $4.5M fine by U.K FCA means for the crypto industry

DOGE, SHIB, PEPE Officially DETHRONED! These New Meme Coins are About to Explode

Non-Playable Coin Price Prediction: NPC Soars 64% In A Week As Traders Snap Up This P2E DOGE 2.0 ...

Trump's Bitcoin Support A Political No-Brainer To Garner Votes, Says Peter Schiff: Promise To Mak...

Michael Saylor Makes Epic Bitcoin Call as Price Reaches $67,000

In The Works: Jersey City Mayor’s Plan To Introduce Bitcoin ETFs Into Pension Funds

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.