FINMA presented a new guide for stablecoins

FINMA, the Swiss Financial Market Supervisory Authority, presented a new guide for stablecoins and confirmed receipt of an enquiry from the Libra Association. The regulator explained that it is important to know which goals and economic functions the stablecoin is designed to perform. In this sense, for the Swiss regulator, stablecoins are no different from any other blockchain-based coins.

“In ruling of upcoming projects, FINMA will follow the proven principle of ‘same risks, same rules’ as well as the specific features of each case,” the publication claimed. The legal rules regarding stablecoins can be applied depending on what the exact coin is backed by: securities, real estate, or fiat currencies. On this basis, the coin will be subject to the money laundering act, the…

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