Switzerland’s financial regulator extends reporting requirements for crypto transactions By Cointelegraph



Switzerland’s financial regulator extends reporting requirements for crypto transactions

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 anonymous means of payment.” According to FINMA, the regulator made the adjustment in accordance with the country’s Anti-Money Laundering Act and its government’s Anti-Money Laundering Ordinance.