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7 February
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Switzerland watchdog the Swiss Financial Market Supervisory Authority FINMA has tightened regulation of cryptocurrency-related operations by lowering the threshold value for exchange transactions in cryptocurrencies.

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According to the official press release, from now on, the watchdog will require users to provide ID in case of carrying out transactions over $1000. Previously the watchdog required ID verification starting from $5000.

The new Financial Services Act FinSA came into force on 1 January 2020.

Back in December 2018, the Swiss Minister of Finance, Ueli Maurer rejected possible limitations in the blockchain regulation by saying that Switzerland won’t have a special blockchain law developed by Liechtenstein.

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