{"id":505846,"date":"2022-11-03T01:15:00","date_gmt":"2022-11-02T22:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/switzerlands-financial-regulator-extends-reporting-requirements-for-crypto-transactions\/"},"modified":"2022-11-03T01:15:00","modified_gmt":"2022-11-02T22:15:00","slug":"switzerlands-financial-regulator-extends-reporting-requirements-for-crypto-transactions","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/switzerlands-financial-regulator-extends-reporting-requirements-for-crypto-transactions\/","title":{"rendered":"# Switzerland&#8217;s financial regulator extends reporting requirements for crypto transactions"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a276b5669ad4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a276b5669ad4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/switzerlands-financial-regulator-extends-reporting-requirements-for-crypto-transactions\/#%E2%80%9D_Switzerlands_financial_regulator_extends_reporting_requirements_for_crypto_transactions_%E2%80%9C\" >&#8221; Switzerland&#8217;s financial regulator extends reporting requirements for crypto transactions &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Switzerlands_financial_regulator_extends_reporting_requirements_for_crypto_transactions_%E2%80%9C\"><\/span>&#8221; Switzerland&#8217;s financial regulator extends reporting requirements for crypto transactions &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZDRkNzFjMWQtZjVjOS00N2Q4LTgxNDctOGE3NzMwMTA5ODI3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>The Swiss Financial Market Supervisory Authority, or FINMA, has announced it will be extending an anti-money laundering ordinance which requires identity checks for reporting certain crypto transactions.<\/p>\n<p>In a Nov. 2 notice, the Switzerland financial regulator <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.finma.ch\/en\/news\/2022\/11\/20221102-mm-gwv-finma\/\">said<\/a> it would enforce a threshold of 1,000 Swiss francs \u2014 roughly $997 at the time of publication \u2014 for transactions of virtual currencies to cash or \u201cother anonymous means of payment.\u201d According to FINMA, the regulator made the adjustment in accordance with the country\u2019s Anti-Money Laundering Act and its government\u2019s Anti-Money Laundering Ordinance.<\/p>\n<p>\u201cFINMA received numerous responses concerning the specification of the threshold for transactions with virtual currencies,\u201d said the regulator. \u201cIn view of the risks and recent instances of abuse, FINMA stands by the rule that technical measures are needed to prevent the threshold of CHF 1000 from being exceeded for linked transactions within thirty days.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"de\" dir=\"ltr\">Teilrevision Geldw\u00e4schereiverordnung: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/FINMA?src=hash&amp;ref_src=twsrc%5Etfw\">#FINMA<\/a> pr\u00e4zisiert die Berechnung des Schwellenwertes bei Wechselgesch\u00e4ften mit virtuellen W\u00e4hrungen. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LyymQcSFEf\">https:\/\/t.co\/LyymQcSFEf<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/dlWkT8i4iQ\">pic.twitter.com\/dlWkT8i4iQ<\/a><\/p>\n<p>\u2014 Eidgen\u00f6ssische Finanzmarktaufsicht FINMA (@FINMA_<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FINMA_media\/status\/1587828108580757507?ref_src=twsrc%5Etfw\">November 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe Swiss financial regulator began enforcing a reporting threshold for unidentified virtual currency transactions from 5,000 to 1,000 CHF in January 2020 in response to \u201cheightened money-laundering risks\u201d in crypto. FINMA will extend the adjusted ordinance and regulations, scheduled to go into effect in January 2023.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The state of crypto in Western Europe: Swiss powerhouse and French unicorns<\/em><\/strong><\/p>\n<p>Switzerland\u2019s southern city of Lugano was the host for a crypto-related Plan B conference starting on Oct. 28, in which the local government announced an economic cooperation agreement with El Salvador \u2014 the Central American nation will establish a physical government presence in the area, which some have dubbed a \u2018Bitcoin embassy\u2019. Cointelegraph reported on how local crypto enthusiasts had been visiting Lugano retail locations to demonstrate use cases for the Lightning Network and crypto assets as payments.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/switzerland-s-financial-regulator-extends-reporting-requirements-for-crypto-transactions\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Switzerland&#8217;s financial regulator extends reporting requirements for crypto transactions &#8220; The Swiss Financial Market Supervisory Authority, or FINMA, has announced it will be extending an anti-money laundering ordinance which requires identity checks for reporting certain crypto transactions. In a Nov. 2 notice, the Switzerland financial regulator said it would enforce a threshold of 1,000&#8230;<\/p>\n","protected":false},"author":1,"featured_media":505847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZDRkNzFjMWQtZjVjOS00N2Q4LTgxNDctOGE3NzMwMTA5ODI3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74880,70934,74151],"class_list":["post-505846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-transactions","tag-regulation","tag-switzerland"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=505846"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/505847"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=505846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=505846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=505846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}