The Swiss Financial Market Supervisory Authority (FINMA) has had a complicated stance on cryptocurrency and digital assets. It’s one that has created uncertainty for the industry, as regulation becomes increasingly important.
FINMA’s Cryptocurrency Stance
The Swiss Financial Market Supervisory Authority (FINMA) has issued guidance on cryptocurrency and digital assets, but it’s unclear how they intend to regulate the industry. In their guidelines, FINMA states they will not issue any specific licenses for cryptocurrency firms, but instead monitor them individually on a case-by-case basis.
The guidelines do indicate that those involved in cryptocurrency activities should adhere to anti-money laundering rules. It appears that FINMA will be taking a hands-off approach to cryptocurrency regulation, which has caused some confusion.
FINMA has also indicated that it will not be taking a stance on ICOs, and will instead be monitoring each one on an individual basis. This ambiguity has caused some uncertainty in the cryptocurrency community, as it is unclear what is allowed and what is not.
Given the lack of clarity from FINMA, it is difficult to predict how they will respond to different cryptocurrency activities. This has created a lot of uncertainty in the industry, as cryptocurrency companies and investors are unsure of what the future holds.
The confusion is compounded by the fact that many other countries are still in the process of establishing their own regulations for cryptocurrency. Without clear regulations in place, many companies are reluctant to enter the industry as they fear the regulatory consequences.
This uncertainty is further complicated by the fact that FINMA is still working out the details of their cryptocurrency stance. As the debate continues, the cryptocurrency industry will remain in limbo until there is clarity on the issue.