Stablecoin

2024

David Vance

<ul class="wp-block-list news-points"> 
 <li>Switzerland mandates KYC for all stablecoin holders, sparking crypto community backlash.</li> 
 <li>Critics question the new law’s impact on P2P transactions and user privacy.</li> 
 <li>FINMA justifies strict KYC requirements due to money laundering and sanctions risks.</li> 
</ul>  
New stablecoin regulations in Switzerland, requiring Know Your Customer (KYC) verification for all holders, have drawn sharp criticism from within the crypto community. Ripple CTO David Schwartz rebuked the law as a “know your customers’ customers” regulation, emphasizing the stringent requirements on financial intermediaries involved in stablecoin transactions. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Sure, just not "know your customers' customers" regulations.— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1819468685448532012?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">August 2, 2024</a>
</blockquote> 
The Swiss Financial Market Supervisory Authority (FINMA) recently published the new law, mandating that the identity of all stablecoin holders be “adequately verified by the issuing institution.” FINMA views stablecoin issuers as financial intermediaries subject to anti-money laundering (AML) legislation, which necessitates KYC verification of stablecoin holders. 
Notably, the new law further requires stablecoin issuers to esta…
The post <a href="https://coinedition.com/switzerlands-new-stablecoin-law-too-much-kyc/">Switzerland’s New Stablecoin Law: Too Much KYC?</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Switzerland’s New Stablecoin Law: Too Much KYC?

Coin Edition

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