RATE Group | Switzerland to Require ID for Crypto Exchange Transactions Over $1K
78605
post-template-default,single,single-post,postid-78605,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Switzerland to Require ID for Crypto Exchange Transactions Over $1K

07 Feb Switzerland to Require ID for Crypto Exchange Transactions Over $1K

Posted at 17:37h in Cryptocurrency News by

[ad_1]

The Swiss Financial Market Supervisory Authority (FINMA) passed an anti-money laundering provision on Feb. 7. Citing additional risk, the threshold for unidentified crypto exchange transactions is lowered from 5,000 CHF to 1,000 CHF (approximately $1,020 USD).

The provision comes following the enactment of the new Financial Services Act and Financial Institutions Act, which came into force on Jan. 1. FINMA introduced the revised ordinance in response to these acts, and will hold a consultation on follow-up regulation until April 9.

One of the key changes from the new provision is the normalization of Swiss national regulations with the Financial Action Task Force or FATF’s directives from June 2019. The international body mandated a maximum transaction limit of $1,000 for unidentified cryptocurrency exchange operations.

All financial providers involved in cryptocurrencies will have to collect data on anyone initiating transactions amounting to more than $1,000. The information must…

[ad_2]

Source link

Tags:
, , , , , ,