Digest: FINMA Issues Guidance on Stablecoins
Swiss regulator FINMA has mandated that stablecoin issuers verify the identities of all token holders to mitigate risks. This guidance, issued on July 26, aims to address challenges faced by issuers and banks.
Key points include:
- Identity Verification: Stablecoin issuers must verify the identity of all holders and beneficial owners.
- Banking Licenses: Accepting public deposits for stablecoins generally requires a banking license, but default guarantees can exempt issuers under specific conditions.
- Default Guarantees: In bankruptcy, each customer must have a separate claim against the bank providing the guarantee, which must cover all public deposits and accrued interest.
- Regulatory Framework: Currently, stablecoins fall under the standard legal framework for financial services in Switzerland, classified as either deposits or collective investment schemes.
FINMA’s guidance underscores the need for robust measures to protect depositors and enhance regulatory clarity in the stablecoin industry.
For more details, visit: FINMA Guidance
