Switzerland: Adopted FINMA Guidance on stablecoins

On 26 July 2024, the Swiss Financial Market Supervisory Authority issued a Guidance on stablecoins, particularly focusing on licensing requirements. The Guidance provides information on the legal classification of stablecoins, treatment under banking law and anti-money laundering regulations. The Guidance applies to stablecoin issuers, requiring them to obtain a banking licence or affiliate with a self-regulatory organisation if using default guarantees. The Guidance mandates compliance with anti-money laundering regulations, including verifying the identity of stablecoin holders and beneficial owners.