Swiss financial regulator releases classification of stablecoins

The Swiss Financial Market Supervision Agency (FINMA) has released new guidelines for stablecoins, including the upcoming Libra cryptocurrency.

This week, the regulator announced that it classifies stablecoins in accordance with the existing separation of tokens on the blockchain, and that the rules for stablecoins may differ depending on what assets they are provided with – currencies, commodities, real estate or securities.

“The architecture of stablecoins can vary greatly in legal, technical, functional and economic terms. Thus, a complete classification is not possible. Issues of money laundering, securities trading, banking, fund management and regulation of financial infrastructure may matter, ”FINMA notes.

FINMA provided the following “indicative” classification for controlling various stablecoins:

As for the upcoming Libra stablecoin, the agency says that the services planned by the project “will clearly go beyond a purely payment system and, therefore, will be subject to additional requirements.”

Recall that this week the Libra Association said it wants to get a license to manage the payment system from the Swiss financial regulator.

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