Switzerland is considering introducing AML rules for cryptocurrency providers | Sept 27

Switzerland is considering imposing AML rules on its crypto providers, as FINMA requires all crypto providers to step up their game and monitor whether criminals are using them. Use digital assets in illegal transactions. So read more today in our latest crypto news.

The Swiss Financial Market Supervisory Authority FINMA will oblige local providers of digital assets to comply with new regulations and to prevent criminals from using cryptocurrencies. The regulator also turned to BTC ATMs, believing that drug traffickers use these machines a lot. According to reports, Switzerland sees the imposition of AML rules that monitor local cryptocurrency providers as an attempt to prevent any illegal money laundering.

Swiss platforms and brokers dealing with digital scams need to step up their surveillance efforts and see if the bad guys are using cryptocurrencies. The watchdog considers this measure necessary and points out that criminals use the asset class to finance acts of terrorism. FINNA is also turning its attention to BTC ATMs, and according to the regulator, drug traffickers use these ATMs as payment systems. It is noteworthy that Switzerland is a relatively small country, but has 130 ATMs and ranks sixth in the world in relation to the countries with the most countries.

FINMA has issued a money laundering regulation that lowers the threshold for buying unknown cryptocurrencies from 5000 francs to 1000 francs, ie the providers who handle these assets have to collect some data.(Switzerland)

One of the leading banks in Switzerland, UBS, shared their views on the hot topic of regulating digital assets, pointing out that implementing these rules could severely affect the market. The bank even warned that regulatory crackdowns could drive the market higher while labeling cryptocurrencies as a speculative asset class, warning that it could be dangerous for investors:

“Although we cannot rule out future price increases for cryptocurrencies, we see this as a speculative market that poses a significant risk for professional investors.”

When the crypto market exploded in early May, UBS took a different stance and intends to give its wealthy clients access to digital assets through third-party funding.

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