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Swiss financial market regulator to enforce stricter crypto identity checks

FINMA reiterates that identity checks for crypto transactions are needed.

By Finst News
• 3 min read
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Swiss financial market regulator to enforce stricter crypto identity checks

FINMA reiterates that identity checks for crypto transactions are required. The threshold is 1,000 Swiss francs.

The Swiss financial market regulator FINMA has re-examined the "Money Laundering Ordinance-FINMA" with a focus on cryptocurrencies. The regulator announced this yesterday, November 2, in a press release.

"Given the risks and misuse cases seen recently, FINMA is sticking to the rule: technical safeguards are needed to prevent the thousand-franc threshold for interconnected transactions within thirty days (and not just per day) from being exceeded," according to the regulator's notice.

Only in the sale of cryptocurrencies

Registration would apply when cryptocurrencies are converted to cash "or other anonymous means of payment". As early as 2020, the Swiss financial market authority called for tougher handling of crypto transactions. In the context of the MiCA regulation, this topic has also been addressed recently. At the EU level this will also apply in the future: transactions from unhosted wallets of more than 1,000 euros must be reported by exchanges.

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