Switzerland's financial regulator extends reporting requirements for crypto transactions
Cointelegraph
Published Nov 02, 2022 06:15PM ET
Updated Nov 02, 2022 08:20PM ET
The Swiss Financial Market Supervisory Authority, or FINMA, has announced it will be extending an anti-money laundering ordinance which requires identity checks for reporting certain crypto transactions.
In a Nov. 2 notice, the Switzerland financial regulator said it would enforce a threshold of 1,000 Swiss francs — roughly $997 at the time of publication — for transactions of virtual currencies to cash or “other anonymous means of payment.” According to FINMA, the regulator made the adjustment in accordance with the country’s Anti-Money Laundering Act and its government’s Anti-Money Laundering Ordinance.
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Written By: Cointelegraph
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