Switzerland tightens the screws on crypto transaction regulations
Cryptocurrency is about to take a major hit in Switzerland. Previously, the country’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), had set a limit of 5,000 francs (about $5,110) before identification was required for a crypto transaction. However, in updating its guidelines last week, that limit was drastically cut, lowering it to just 1,000 francs ($1,020). FINMA asserts that the new threshold, if approved, is necessary to combat money laundering with the greater risk associated with digital currencies, but fall in line with what other countries are introducing, as well.
Experts Consider the Security and Risks of Noncustodial Exchanges
Despite centralized cryptocurrency exchanges suffering nearly $300 million worth of hacks during 2019, many digital currency traders continue to hold significant sums of capital on centralized exchange platforms.