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FINMA Issues Comprehensive Guidance on Stablecoins

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FINMA Issues Comprehensive Guidance on Stablecoins

8 August 2024 | Legal Alerts

The Swiss Financial Market Supervisory Authority (FINMA) has released new guidance on the issuance of stablecoins. This guidance addresses default guarantees, associated risks, and outlines FINMA's practices regarding stablecoins. Additionally, it highlights the heightened risks related to money laundering.

FINMA Issues Comprehensive Guidance on Stablecoins

Over the past few years the issuance of stablecoins has become increasingly significant in Switzerland. These projects aim to offer a means of payment with low price volatility on a blockchain. The Swiss Financial Market Supervisory Authority previously addressed this topic in its September 2019 supplement to the ICO guidelines, which provides information on the regulatory framework for initial coin offerings (ICOs).

In the guidance, FINMA outlines the financial market laws relevant to stablecoin projects and their effects on supervised institutions.
The Swiss Financial Market Supervisory Authority also highlights the heightened risks associated with stablecoin projects, including money laundering, terrorist financing, and the circumvention of sanctions. These risks pose potential reputational threats to the Swiss financial sector as a whole.

FINMA observes that several stablecoin issuers in Switzerland utilize default guarantees from banks, often exempting them from needing a FINMA banking license. This practice introduces risks for both stablecoin holders and the guaranteeing banks. To safeguard depositors, FINMA has outlined its minimum requirements for default guarantees, which are also applicable to stablecoin transactions.

Sources

Disclaimer:

This legal alert provides a general overview of the topic and should not be considered legal advice. Legal situations may vary, and businesses should consult with legal professionals to address their specific concerns.

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