FINMA has proposed new guidelines for stablecoin issuers, classifying them as financial intermediaries to enhance regulatory oversight and mitigate financial risks.
Points
- FINMA proposes new guidelines for stablecoin issuers.
- Stablecoin issuers to be classified as financial intermediaries.
- Emphasis on Anti-Money Laundering （AML） compliance and depositor protection.
The Swiss Financial Market Supervisory Authority （FINMA） has proposed new guidelines aimed at enhancing regulatory oversight of stablecoin issuers. The proposal seeks to classify stablecoin issuers as financial intermediaries, thereby increasing their regulatory obligations.
Addressing Financial and Reputational Risks: According to a recent guidance document, FINMA emphasizes the need for stablecoin issuers to comply with Anti-Money Laundering （AML） regulations. This includes verifying the identity of stablecoin holders and establishing the identity of beneficial owners to mitigate risks associated with money laundering, terror funding, and sanctions evasion.
“The stablecoin issuer is therefore considered a financial intermediary for Anti-Money Laundering legislation and must, among other things, verify the identity of the stablecoin holder as the customer following the applicable obligations （Art. 3 AMLA） and establish the identity of the beneficial owner （Art. 4 AMLA）,” FINMA stated.
Framework for Default Guarantees: In addition to AML compliance, FINMA’s framework sets minimum requirements for default guarantees, ensuring depositors are protected. Issuers must inform customers, stay within guarantee limits, and allow immediate claims in case of insolvency without waiting for a certificate of loss.
解説
- FINMA’s proposal aims to enhance the regulatory framework for stablecoin issuers, addressing both financial and reputational risks.
- Classifying stablecoin issuers as financial intermediaries places them under stringent AML regulations, ensuring greater transparency and security.
- The framework for default guarantees is designed to protect depositors, offering a level of security similar to traditional banking systems.
- These measures reflect the growing recognition of the importance of stablecoins in the financial ecosystem and the need for robust regulatory oversight to mitigate potential risks.