November 21, 2019

FINMA: Payments on a Blockchain

Finma has determined that payments via the blockchain must still be accompanied by an "address slip". The reaction in the industry is mixed. What is certain, however, is that the supposedly cheap method of payment will become more expensive.

Finma now applies the so-called "Reiseregel" for all transactions with crypto currencies, which already applies to classic bank payment transactions. The rule states that the information on the ordering party and the beneficiary must be transmitted together with the payment order. According to Finma, the receiving financial intermediary can check the information on the sender and, for example, compare it with sanctions lists.

The Authority justified the new practice with the technology neutrality of supervisory law. Technology neutrality thus becomes a cover for a practice that actually discriminates against technology.

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