Swiss Banking Authority Will Tighten Crypto Transactions Next Year

The Swiss banking authority will incorporate cryptocurrency into its anti-money laundering legislation.

The banking authority said on November 2 that it would impose a threshold of 1,000 Swiss francs (approximately $998 at the time of publishing) for virtual currency transfers to cash or other anonymous means of payment.

The regulator, according to the Swiss Financial Market Supervisory Authority (FINMA), was influenced by the country’s Anti-Money Laundering Act and the government’s Anti-Money Laundering Ordinance.

FINMA got many replies on the threshold specification for virtual currency transactions. Despite the concerns expressed during the consultation, the monetary regulator maintained the previously established threshold of 1000 Swiss francs owing to dangers and recent cases of misuse.

The restrictions, which would apply to connected transactions lasting more than a month, will go into effect in January 2023.

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