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Will a major Swiss stablecoin issuer face penalties for non-compliance with FINMA's guidance by end of 2024?
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Resolution / Starting Odds
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No • 50%
Official announcements from FINMA or major news outlets
Story
Swiss Regulator FINMA Issues Guidance on Stablecoin Issuers, Urges Identity Verification
Jul 28, 2024, 07:58 PM
On July 26, Swiss financial regulator FINMA issued new guidance urging stablecoin issuers to verify the identity of all token holders. The guidance aims to address risks associated with stablecoins pegged to fiat currencies, including potential threats to the Swiss financial reputation and risks posed to issuing banks by default guarantees. The guidance effectively prohibits non-decentralized stablecoins in Switzerland. FINMA's actions reflect growing regulatory scrutiny on digital assets and their impact on financial stability. The guidance also highlights concerns related to anti-money laundering (AML) compliance.
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Tether • 25%
Circle • 25%
Binance USD • 25%
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