**Swiss FINMA Tightens the Reins on Stablecoins 🪙**
- FINMA, Switzerland's financial watchdog, has proposed new guidelines for stablecoin issuers to enhance regulatory oversight and mitigate financial risks.
- The new rules classify stablecoin issuers as financial intermediaries, putting them under the same anti-money laundering (AML) obligations as traditional banks.
- Issuers must verify the identity of stablecoin holders and beneficial owners, aiming to curb money laundering and terror funding.
- FINMA also outlined conditions for operating without a banking license, including default guarantees to protect depositors.
- As stablecoins like Tether USDT and USDC grow, global regulators are racing to keep up.