Switzerland’s financial regulator will include crypto in its anti-money laundering regulations.

From next year, Swiss citizens will need to confirm their identity when conducting crypto transfers of over 1000 Swiss francs ($1005), the Financial Market Supervisory Authority said in a release.

Finma reportedly received “numerous responses concerning the specification of the threshold for transactions with virtual currencies.” Despite the concerns raised in the consultation, the monetary regulator went forward with the previously established threshold of 1000 Swiss francs due to “risks and recent instances of abuse.

The provisions, which will apply to linked transactions over the course of a month, will come into force starting January 2023.

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