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Switzerland's financial regulator extends reporting requirements for crypto transactions

Published 11/02/2022, 06:15 PM
Updated 11/02/2022, 08:20 PM
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.

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