FINMA Guidance 06/2024 On Stablecoins

On 26 July 2024, the Swiss Financial Market Supervisory Authority FINMA (FINMA) published its FINMA Guidance 06/2024 on Stablecoins: risks and challenges for issuers of stablecoins and banks providing guarantees (the Guidance). The Guidance is supplemental to FINMA's earlier guidance on stablecoins, in particular FINMA's supplement to the guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs) dated 11 September 2019 relating to stablecoins. The Guidance clarifies the regulatory regime applicable to stablecoins and their issuers. In addition, the Guidance clarifies the requirements applicable to Swiss banks for providing default guarantees in respect of stablecoins. Please see below a summary of the key points of the Guidance: