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…
The Swiss Financial Market Supervisory Authority (FINMA) is one of the regulatory bodies that has taken specific steps with respect to ICOs. In its recently published booklet, Regulatory Aspects of ICOs in Switzerland, Baker McKenzie’s Zurich office gives an overview of the regulation of ICOs in Switzerland.