Author

Christopher Murrer

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The trend of established banks partnering with technology companies to offer digital asset-related services continues in Switzerland.  Around the end of February 2019, Julius Baer, one of Switzerland’s largest and oldest banks, announced plans to offer access to digital assets through a partnership with SEBA Crypto, a Swiss-based start-up. This development follows similar arrangements between technology companies and other established banks such as Falcon Private Bank, Vontobel, and Gazprombank. This trend underscores Switzerland’s reputation as…

Crypto Fund AG, a subsidiary of Swiss-based Crypto Finance AG, received authorization from the Swiss Financial Markets Supervisory Authority (FINMA) to act as an Asset Manager defined under the Swiss Collective Investment Schemes Act (CISA). The Press Release from Crypto Finance AG states that Crypto Fund AG, now being an authorized Asset Manager, is permitted to “manage and distribute domestic and foreign investment funds to qualified investors and provide investment advice for institution clients.” This…

During 2017, the issue that probably got the most attention for companies raising capital through initial coin offerings (ICOs) was whether tokens constitute securities.  However, governmental agencies and regulators, particularly the Swiss Financial Market Supervisory Authority (“FINMA”), focused on other legal issues as well. It was reiterated that companies issuing cryptocurrencies or tokens have to consider not only securities registration but also anti-money laundering and licensing compliance. It has also become clear that blockchain-related businesses…

Switzerland often ranks among the most friendly and accommodating countries for blockchain-based companies to conduct their initial coin or token offering (“ICO”). Indeed, recent estimates are that more than 530 blockchain companies established in the Swiss cantons of Zurich and Zug have raised more than US$540 million through ICOs. Despite these facts, these companies often face significant difficulties in opening a bank account in Switzerland to hold the fiat currency proceeds of their ICOs. Swiss…