Crypto

FINMA Approves new AML Guidelines for Crypto Exchange Transactions

Switzerland has proven to be a prominent region for blockchain and cryptocurrencies. That situation may come to change soon, following some new AML guidelines.

It is evident that authorities are concerned about cryptocurrencies.

More AML Restrictions in Switzerland

This is especially apparent when it comes to money laundering and tax evasion.

FINMA, the Swiss Financial Market Supervisory Authority, has come up with new guidelines.

They are primarily interested in transactions related to cryptocurrency exchanges.

Any transfer above $1,020 will be subject to additional verification. 

Any transaction below this amount can be executed without any identity verification at all.

Related Post

This still makes it seemingly easy for novice users to acquire small amounts of crypto assets.

When it comes to withdrawing large amounts, an identity verification procedure must take place.

Information obtained from these procedures needs to be submitted to FINMA on a regular basis for further review.

It appears this information will also be used for tax evasion purposes later on, albeit that has not been officially confirmed.

All over the world, governments want to implement strict capital controls and verification procedures.

Even pro-crypto regions such as Switzerland will not be able to get away with not implementing such procedures in this day and age.

It remains unclear if this will affect any of the companies serving Swiss clients. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

3 hours ago

Binance Coin Whales Reap Big Profits as Polkadot Struggles; A New Crypto Presale Is Dominating Investor Attention

BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…

6 hours ago

Three Crypto That Surprised The Market: Rollblock, Cardano, and XRP

The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…

6 hours ago

As Bonk (BONK) and Pepe (PEPE) Shine, Rollblock (RBLK) Captures the Market’s Attention With Upcoming Reveal

Meme coins are back with a bang and are as insanely volatile as ever! Bonk…

6 hours ago

2024’s Top 9 Crypto Staking Platforms to Make Passive Income

Staking has become one of the most effortless ways to generate passive income in the…

9 hours ago

Qubetics, Algorand, and Near Protocol: Best Cryptos to Buy in November 2024

Qubetics, Algorand, and Near Protocol: The Best Cryptos to Buy in November 2024—Which One Is…

20 hours ago