Swiss Agency for financial markets (FINMA) published
recommendations for application of existing legislation on financial markets to regulate ICO.
FINMA CEO mark Branson is considering these recommendations as a way to help the development of the blockchain industry to hold a place in the Swiss market and notes that the blockchain of the company “can’t just ignore time-tested regulatory framework”:
Our balanced approach to the regulation of ICO projects will allow them to navigate the regulatory landscape and to start their projects so that the interests of investors were protected under the law.
According to a press release, FINMA, the need for the publication of these recommendations was caused by the increasing number of ICO held in the territory of the country, and a lack of clarity as to how they should be adjusted .
FINMA States that currently does not exist any specific regulatory framework governing the ICO, or “coherent legal doctrine” for the activities of the ICO projects in the country.
To estimate future ICO and determine which laws should apply, FINMA States that they are shared by all the token-ICO into three categories: tokens for payment, utility tokens (without which it is impossible to use a particular service, for example) and the asset tokens.
Different countries have different attitudes to ICO. For example, the Chinese government has decided to ban the holding of ICO in the country, while Singapore and Australia, have published guidelines for the conduct of the ICO, is designed to support these innovative projects in accordance with current legislation, as it did in the FINMA.