Swiss Financial Markets Authority: Blockchain-based business model should not bypass existing regulatory frameworks

The Swiss Financial Market Regulatory Authority (FINMA) announced today the guidance on regulatory requirements for blockchain payments for financial services providers. The Virtual Asset Service Provider (VASP) guidelines cover blockchain service providers, such as exchanges, wallet providers, and trading platforms, requiring existing anti-money laundering rules to apply to such service providers as well. FINMA pointed out that blockchain-based business models are not allowed to bypass existing regulatory frameworks, which is particularly applicable to the regulation of money laundering and terrorist financing.