Switzerland’s Financial Regulator Warns of Potential Rise in Illicit Use of ‘Stablecoin’ Cryptocurrencies

Concerns Raised by FINMA Report

Switzerland’s financial regulator has issued a warning about the possible increase in the use of ‘stablecoin’ cryptocurrencies for illicit finance. The Swiss Financial Market Supervisory Authority (FINMA) has highlighted this concern in a recent report.

Focus on Politically Exposed Persons

The report also indicates that FINMA has intensified its on-site inspections to tackle illicit finance, with a particular focus on addressing concerns related to “politically exposed persons.” This move underscores the regulator’s commitment to cracking down on financial crime.

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