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.
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.