Our Crypto Valley Association AML & Compliance and Regulatory Working Groups have been carefully reviewing FINMA's latest guidance entitled “Stablecoins: Risks and requirements for stablecoin issuers and guarantee-issuing banks” (06/2024). This new guidance introduces stricter AML requirements and operational constraints.
In the attached position paper, the Crypto Valley Association dives into the risks and reasons why this new FINMA guidance makes it hard - if not impossible - for centralized issuers to launch a competitive stablecoin in Switzerland, and hence risking that Switzerland loses its leading position in crypto innovation.
The Crypto Valley Association regrets not having been consulted before the publication of this Communication 06/2024. We’re actively working to provide our feedback and collaborate with industry stakeholders to navigate these changes and ensure Switzerland remains a leader in crypto innovation.
Download CVA Response to FINMA Stablecoin Guidance.pdf
Source - Crypto Valley
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