FINMA: Stricter identification requirements for Bitcoin transactions

9 Feb, 2020

On February 7, 2020, the Swiss Financial Market Supervisory Authority FINMA has announced an amendment to the guidelines for Bitcoin regulation. It affects the thresholds for reporting crypto transactions; FINMA wants stricter identification requirements for Bitcoin/crypto transactions.

FINMA is proposing to “amend the thresholds for client identification in the FINMA Anti-Money Laundering Ordinance in the case of exchange transactions in cryptocurrencies. There is to be a reduction from currently CHF 5000 to CHF 1000. This will implement international requirements adopted in mid-2019 and take account of the increased money laundering risks in this area.”

The new Financial Services Act FIDLEG and FINIG Financial Institutions Act oblige the FINMA to issue certain various enforcement ordinances. To this end, FINMA is submitting a new, streamlined ordinance, adapting existing ordinances and circulars and repealing three circulars. This will ultimately also have an impact on the regulation of Bitcoin and other crypto-assets. FINMA will conduct a hearing on this follow-up regulation by 9 April 2020.


FINMA Bitcoin regulation

If the requirement is implemented, everyone who makes Bitcoin transactions in Switzerland in excess of CHF 1,000 must therefore provide proper identification.

The FINMA ordinance also regulates the details of professional liability insurance for asset managers, trustees and managers of collective assets.

Source: BTC-Echo

Image: By SDE


New guidelines also came into force in Germany at the beginning of the year.

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