Service for financial market supervision (FINMA) of Switzerland announced the issuance of licenses for banking and dealer activities with securities two providers, blockchain-service – Crypto SEBA and Sygnum that will work only for institutional clients.
In addition to new licenses, FINMA also issued guidance for application of regulatory rules for the blockchain payments, which may seem too strict.
The regulator explained that the current rules against money laundering should be applied to suppliers of services associated with virtual assets, including stock exchanges, wallets and trading platforms.
According to the Agency, the blockchain-the company “cannot bypass” the existing regulatory framework, especially regarding the rules for combating money laundering and financing of terrorism, while there are many risks associated with the anonymity of blockchain networks.
Mandatory verification of customers
Also, in accordance with the guidelines for providers of blockchain services are required to verify their customers, establishing the identity of the beneficiaries and applying monitoring, which allows you to assess the risks of business relations. In addition, companies must submit reports on suspicious transactions to a special accountability Bureau (MROS).
FINMA also said that companies under its jurisdiction can send funds to or receive them only in the case when the personality of the owners of these third-party wallets.
Although Switzerland is one of the most favorable countries for blockchain business, the regulators of the country are constantly struggling with the shadow of cryptocurrency projects. Previously, the regulator banned ICO $90 million from the company crypto-hashing Envion for the violation of the rules.