On July 26, 2024, the Swiss Financial Market Supervisory
Authority (FINMA) issued its latest guidance, FINMA Guidelines
06/2024, focusing on the regulatory landscape for stablecoins. This
guidance builds on FINMA's 2019 framework and addresses the
evolving risks and challenges faced by stablecoin issuers and the
banks that provide default guarantees. With the rise of stablecoins
as a prominent financial instrument, FINMA's new rules aim to
clarify legal classifications, enforce anti-money laundering (AML)
measures, and outline the specific requirements for Swiss banks
involved in stablecoin transactions.
Stablecoins are digital assets designed to maintain a stable
value by being pegged to traditional currencies, commodity, or
financial instrument. In Switzerland, stablecoins are increasingly
used as a means of payment on blockchain platforms, offering the
benefits of cryptocurrencies, such as quick transactions and
decentralized management, while minimizing price
