Each one of the many ICOs on which we have advised or are
advising have their own peculiarities and different treatment.
However, there are some underlying fundamentals which remain the
same for tokens of the same token class (see our
token framework proposal).
We have decided to share these insights with the community. This
article therefore is the start of a series of blog posts with
practical insights on specific things to be considered when
preparing an Initial Token Offering.
1. Tokens used for Payment
For example, if we are looking at an issuance of tokens that are
intended to serve as a means of payment between independent third
parties (not between the token purchaser and the issuer), the
tokens classify as payment instrument and the issuing legal entity
is deemed as financial intermediary pursuant to the Swiss
Anti-Money Laundering Act. As a result, the issuing legal entity
must become a member of a self-regulatory organization or put
itself subject to
