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ARTICLE · 28 FEBRUARY 2018

Swiss Regulators Set Precedent With Groundbreaking ICO Guidelines

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On February 16, 2018, the Swiss Financial Market Supervisory Authority (FINMA) released a set of guidelines (the Guidelines) that sets out how it will handle inquiries from organizers of ICO).

CanadaCorporate/Commercial Law
Michael Weizel
Michael Weizel
David Gardos
David Gardos
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On February 16, 2018, the Swiss Financial Market Supervisory Authority (FINMA) released a set of guidelines (the Guidelines) that sets out how it will handle inquiries from organizers of initial coin offerings (ICOs). Building on the principles outlined in FINMA's guidance released in September, 2017, the Guidelines separate tokens into three categories: (i) payment tokens; (ii) utility tokens; and (iii) asset tokens, all as further described below. Tokens classified into a category will be subject to varying laws and regulations, and as such, FINMA will be taking a holistic approach, on a case by case basis, when assessing the characteristics of a proposed ICO and the associated token. FINMA's landmark guidance represents a monumental development in the cryptocurrency space.

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