Law360 (August 26, 2019, 6:04 PM EDT) -- Swiss regulators on Monday published guidance affirming that blockchain-based businesses must follow the country's stringent anti-money laundering standards as the nation granted its first two banking licenses to such businesses.
Swiss watchdogs have warned that the anonymous nature of the technology behind blockchain offers criminals and terrorists money-laundering opportunities. (AP)
Stating that it recognizes the innovative potential of new technologies for financial markets, the Swiss Financial Market Supervisory Authority cautioned that the anonymous nature of blockchain technology presents money-laundering opportunities for criminals and terrorists.
The agency, known as FINMA, said it will apply financial laws regardless of the underlying technology. The...
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