The Swiss Financial Markets Supervisory Authority (FINMA) has introduced new guidelines for issuers of stablecoins.
According to a recent guidance document, FINMA has proposed that issuers of stablecoins be classified as financial intermediaries, as these digital assets carry higher risks of money laundering, terrorist financing and sanctions evasion.
In its guidelines issued on July 26, FINMA stressed that issuers of stablecoins must comply with the same anti-money laundering requirements as traditional financial institutions.
This includes verifying the identity of stablecoin holders and identifying beneficial owners.