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As is well known, anti-money laundering (AML) and know-your-customer rules (KYC) are obligations of service providers like banks and other financial institutions. Their aim is to facilitate investigations into the real identity of customers and the purpose and source of their transactions, so that the services provided to customers will not be used for money laundering, financing of terrorism, tax evasion, or other illegal activities. As transactions involving cryptocurrencies are by nature global yet anonymous, there is thus much room for misuse, so we cannot emphasise enough the importance of AML/KYC in the crypto space.

According to the implementation plan released in November 2018, terms of reference (TORs) have been issued for six projects, and 'contract awarded' notices are tentatively scheduled for February 2019.

Authorities are planning to strengthen the oversight of PRC companies involved in technology transactions with the US

New rules are expected to alleviate the regulatory burden surrounding the offering of foreign funds in Switzerland

There are still some areas of uncertainty when it comes to the regulation of cryptocurrencies

A survey by Hengeler Mueller has found that a majority of respondents reported an increase in the bureaucratic requirements associated with the EU regulation

By Antonios Koumbarakis, Manager, PwC Legal FS Regulatory and Compliance Services and Guenther Dobrauz-Saldapenna, Partner, Leader PwC Legal Services Switzerland & Leader PwC Legal FS Regulatory and Compliance Services

By Luky Walalangi and Miriam Andreta, partners, and Sinta Dwi Cestakarani, associate, Walalangi & Partners

By Ibrahim Sattout, partner, and Brenda Ntambirweki, associate, ASAR – Al Ruwayeh & Partners