Switzerland's financial regulator extends reporting requirements for crypto t...
FINMA said it stood by an AML ordinance requiring identity checks for transactions of virtual currencies to cash or “other anonymous means of payment” exceeding 1,000 Swiss francs. 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....
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Bitcoin startup Xapo has revealed that it has gained an early ‘conditional approval’ from Switzerland’s financial regulator to operate in the country. Announced by Xapo CEO Wences Casares yesterday, the preliminary approval is reliant on several requirements, including a mandatory membership with the Self-Regulatory Organization (SRO). Xapo is confident that it will meet the requirements to become a member. Xapo chose the town of Zug (also known as Crypto Valley) in Switzerland as the location for its global headquarters. Switzerland’s international neutrality and its regulatory stability....
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The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for....
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