Fintech Legal Network

Lawside Attorneys-at-Law and STADLER V?LKEL, two of our member firms, have drafted a MiCA white paper template in cooperation with the Cardano Foundation.

??????????'?? ???????????????????? ???????????????? – ????????'?? ??????? ? On 26 July 2024 FINMA has published a new stablecoin guidance (Guidance 06/2024 "Stablecoins: Risks and challenges for issuers of stablecoins and banks providing guarantees"). This has caused quite some confusion and raised questions. Our initial assessment: ? The biggest part of Guidance 06/2024 is not new but rather consolidates FINMA's existing practice and guidance, including the Stablecoin Guidance of 11 September 2019 and explanations in FINMA's 2021 Annual Report. ? Guidance 06/2024 strengthens and possibly expands whitelisting requirements already in place for banks issuing stablecoins, i.e. an issuer does not only need to identify the first acquirer and the last holder wishing to redeem a stablecoin, but any intermediate holder. This goes well beyond what other relevant jurisdictions and the FATF require. ? Guidance 06/2024 also reiterates that stablecoins vested with a redemption right are subject to banking regulation. Most stablecoin issuers rely on a guarantee provided by a bank in accordance with article 5(3)(f) Banking Ordinance. Guidance 06/2024 clarifies in a very helpful manner the conditions that must be met in order for relying on the guarantee exception. At the same time FINMA seems to call on the legislator to review and possibly limit the scope of this exception. ? There is broad consensus that the legal and regulatory framework for stablecoins in Switzerland is inadequate. Swiss authorities, including the State Secretariat for International Finance (SIF), should therefore speed up the ongoing review of the fintech license which is understood to include proposals for a coherent regulation of stablecoins under Swiss law. ? You can find the full article with further assessments and comments on our website (https://lnkd.in/eis6emqU). Hans Kuhn Sebastian W?lti #lawside #FINMA #stablecoin #banking

The Financial Action Task Force (FATF) is updating its guidance on National Risk Assessments (NRA), in particular concerning money laundering NRAs. The FATF is now looking for input from the private sector, civil society, and academia to make the NRAs more effective and comprehensive for all stakeholders involved. You can share your insights by 22 July 2024, 18:00 CEST. The details and questionnaire can be found here: bit.ly/FATF-NRA ?? ???????? ???? ???? ??????? An NRA (National Risk Assessment) is a process used by countries to identify and understand money laundering (ML) and terrorist financing (TF) risks. It involves evaluating threats and vulnerabilities, determining risk levels, and developing mitigation strategies. This assessment informs policymaking, resource allocation, and the implementation of effective anti-money laundering (AML) and counter-financing of terrorism (CFT) measures, tailored to the country's specific risk landscape. Lawside Attorneys-at-Law #FATF #AML #NRA #Finance #Riskmanagement

#Cryptoadvisory?under?#MiCAR?will not only catch advice on acquiring and selling?#cryptoassets?but also on the selection of crypto asset service providers (#CASP). What does this mean for?#referrers?of CASPs in future? https://lnkd.in/ehbM6zQn

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