Stablecoin

The Swiss Financial Market Supervisory Authority (FINMA) has introduced new regulatory guidelines for stablecoin issuers to improve oversight and reduce financial risks associated with these digital assets.
The guidelines, released on July 26, aim to classify stablecoin issuers as financial intermediaries, subjecting them to stricter regulatory standards.
Under the <a href="https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&amp;hash=03D675C1247EAFAE0C391363A2F18B9A" target="_blank" rel="noopener noreferrer nofollow">proposed framework</a>, stablecoin issuers must comply with Anti-Money Laundering (AML) obligations similar to those imposed on traditional financial institutions.
This includes verifying the identity of stablecoin holders and identifying beneficial owners to address concerns related to potential illicit activities such as money laundering, terrorism financing, and sanctions evasion.
FINMA’s guidance also outlines conditions under which stablecoin issuers can operate without a banking license. These conditions include having a bank guarantee in case of default and meeting minimum requirements for default guarantees. The framework aims to protect depositors while allowing for innovation in the stablecoin sector.
This regulatory move comes amidst the rapid growth of the stablecoin market, which has expanded significantly in recent years. Global regulators are increasingly focused on establishing guidelines for this evolving sector, with at least 25 countries implementing stablecoin regulations or legislation at the end of 2022, <a href="https://www.pwc.com/gx/en/industries/financial-services/crypto-services/navigating-the-global-crypto-landscape-with-pwc-2024-outlook.html" target="_blank" rel="noopener noreferrer nofollow">according</a> to the PwC Global Crypto Regulation Report 2023.
While the proposed measures strengthen oversight and customer protection, they do not provide the same level of security as a full banking license. Nevertheless, FINMA’s approach represents a significant step towards creating a more secure and transparent environment for stablecoin operations in Switzerland.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/07/19/hkma-announces-first-stablecoin-issuer-sandbox-participants/" rel="noopener noreferrer nofollow">HKMA Announces First Stablecoin Issuer Sandbox Participants</a>
</blockquote>

Swiss Regulator Proposes New Rules for Stablecoin Issuers

The Crypto Times

Các bài viết khác được xuất bản trên 28 thg 7, 2024

Ethereum Tokens Like Rollblock Set To Outperform VeChain (VET) and Bitcoin’s Stacks (STX)

JasmyCoin emerges as top gainer amid increased social activity

Harris Criticizes, Trump Holds: Get Your Coins Before Trump’s Potential Election Victory

4 Top Crypto Gainers: MEW, HNT, SATS, FLOW

LayerZero (ZRO) Eyes Breakout Potential With Rising Channel Pattern

Idle Earnings In Crypto Become Easier with CYBRO AI Platform: 100X Opportunities Now Closer Than ...

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!