Famous for its favorable business climate that has attracted hundreds of crypto companies, Switzerland is now expanding its financial regulatory framework. Some of the upcoming rules will increase oversight in the blockchain industry in compliance with new international standards regarding operations with digital assets.
Also read: With New Regulations, Europe’s Crypto Companies May Be Running Out of Options
Finma Updates Regulatory Framework
As part of the regulatory update, the Swiss Financial Market Supervisory Authority (Finma) has proposed changing the client identification threshold values established in its Anti-Money Laundering Ordinance. Finma wants to lower the limit for cryptocurrency exchange transactions that requires user verification from the current 5,000 Swiss francs to only 1,000 francs (a little over $1,000). The regulatory body says it’s “acknowledging the heightened money-laundering risks in this area,” but the measure may not be to the liking of many crypto businesses operating in the country and their…