Swiss Finma licenses two crypto banks

Swiss Finma licenses two crypto banks

In principle, FINMA recognizes the innovative potential of new technologies for the financial markets, but they are unlikely to circumvent the well-established regulatory framework. This seems logical and also very sensible, because regulation also helps to sort out the black sheep that can discredit an entire industry. For this reason, FINMA again makes direct reference to the well-known allegations concerning money laundering and terrorist financing. Here, the existing rules must apply and apply, precisely because anonymity entails increased risks. Switzerland has therefore previously treated tokens as assets and applied the Money Laundering Act to Blockchain service providers. For example, service providers have to identify their customers, identify the beneficial owners, monitor business relationships in a risk-oriented manner and, if there is a reasonable suspicion of money laundering, reimburse a suspicious transaction report to the Money Laundering Reporting Office (MROS).

FINMA supervisory report on payment transactions on the Blockchain ( German pdf )

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