Switzerland currencies is one of Europe’s most advanced countries in terms of Crypto. This is also the on Friday issued a Directive to the handling of Initilal Coin Offerings (ICOs) shows by the Swiss financial market Supervisory authority FINMA. The aim of the Directive is to promote transparency and ICOs in Switzerland.
In the official press release of FINMA, the step to the creation of the Directive is justified by the fact that the interest and the requests for the execution of the Initial Coin has Offerings increased significantly. Since the Situation for reputable ICO-initiators is currently partially unclear, were created in the new guidelines, in order to create transparency.
According to FINMA’s legal assessment of ICOs needs to be made is always, in individual cases, since these may be structured very differently.
In principle, FINMA will adopt a similar attitude as the American Securities and Exchange Commission – SEC (US-securities and exchange Commission). The assessment is based on the economic function and the purpose of the token. The Central question will be whether the Token is already from the beginning of the ICOs trading or transferable.
According to FINMA can be distinguished on the basis of this assessment, three types can also occur as mixed forms:
- Payment-Token: pure “crypto-currencies” as a means of payment, and serve no other function, and have
- Use Token: provide access to a digital service
- Plant Token: assets (shares in real values, companies, etc.)
The latter is thus valued as a stock, Bond, or a derivative financial instrument.
Depending on which category of Token is assigned to, is subject to the ICO the money laundering act (Amla) and/ or the rules for securities trading. The “rules of thumb” to assign which category of Token is an ICO is established by the FINMA as follows:
The GWG is a logical way to prevent money laundering or the financing of terrorism.
In a decentralized System based on the Blockchain, in which assets can anonymously transfer money laundering risks are particularly high.
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