Swiss Financial Market Supervisory Authority FINMA issues the stable coin guidelines

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Swiss financial regulator FINMA issued the guidelines regarding the regulation for the ‘stable coins’. Stable coin is a term for cryptocurrency that is backed by the real asset (gold, silver, bonds, stocks, etc) or other major currency (Dolar, Euro etc). Guidelines clarify that money laundering, securities trading, banking, fund management and financial infrastructure regulation applies also to stable coin emissions. In its guidelines FINMA specifically pointed out the case of Facebook’s cryptocurrency Libra, confirming that Libra Association requested the registration as a payment system under Switzerland jurisdiction. FINMA regulators hinted that Libra would require international coordination from regulators.

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