Switzerland often ranks among the most friendly and accommodating countries for blockchain-based companies to conduct their initial coin or token offering (âICOâ). 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…
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.
In an effort to create clarity for market participants, the Swiss Financial Market Supervisory Authority FINMA published guidelines, on Friday, February 16, that set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. The guidelines also define the information FINMA will require to deal with such inquiries and the principles upon which it will base its responses. Focusing on anti-money laundering and securities regulation, FINMA plans to handle ICO…