Cryptocurrency Regulations in Switzerland
The Swiss Financial Markets Authority (FINMA) has adopted a regulation that any cryptocurrency transactions over $ 1000 cannot be anonymous.
Tightening of control is connected with the fulfillment of the requirements of the June FATF directives.
The new regulation will come into force on January 1 next year, along with new laws on financial services and financial institutions. From now on, all Swiss cryptocurrency operators will have to collect data on anyone who intends to make a transaction over $ 1000. This information organizations will be required to regularly report to the authorities.
The Financial Action Task Force on Money Laundering has initiated a limit reduction to reduce the use of uncontrolled digital assets in the informal sector. The new FATF requirements also became one of the reasons postponement of the adoption of the Law on CFA in Russia.
In addition, the FATF plans to create a global monitoring system cryptocurrency transactions.
text: Ivan Malichenko, photo: Shutterstock