Swiss Financial Authority Proposes New Stablecoin Guidelines

Cointelegraph reported on the 28th (local time) that the Swiss Financial Market Supervisory Authority (FINMA) has proposed new guidelines related to the issuance of stablecoins.
The proposal comes as stablecoins have gained global attention and raised concerns about their potential impact on regulators and the broader financial ecosystem.
In a guidance document released on the 26th, FINMA seeks to classify stablecoin issuers as financial intermediaries and to combat money laundering and other crimes linked to such digital assets.
It highlights the growing risks associated with terrorist financing and sanctions evasion. Stablecoins, which are digital assets pegged to the value of existing currencies or other assets, have seen increased adoption recently.
It has seen rapid growth, but potential illegal activities and abuse have raised regulatory concerns worldwide.
FINMA has issued guidance stating that stablecoin issuers should not be subject to the same restrictions as traditional financial institutions.
He stressed that the same anti-money laundering (AML) obligations must be adhered to, including verifying the identities of stablecoin holders and verifying the identities of profitable holders.
FINMA stated that "stablecoin issuers are considered financial intermediaries under the Anti-Money Laundering Act and, pursuant to the applicable obligations (Article 3 of the AML Act), are required to provide services to their customers and
"We need to verify the identity of stablecoin holders as well as establish the identity of beneficial owners in accordance with Article 4 of the AML Act," he said.
In addition to AML compliance, FINMA will allow stablecoin issuers to obtain a banking license if certain conditions are met.
The bank explained how it could operate in a bid to protect depositors. It argues that these terms guarantee protection for depositors and require issuers to obtain bank guarantees in the event of default.
According to FINMA, the framework sets minimum requirements for debt guarantees and requires issuers to notify customers, keep the guarantees within their limits and not default on them without waiting for loss certificates.
If a line of credit occurs, the claim must be approved immediately.