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Switzerland's financial regulator on Friday published guidelines on digital currency fundraisers – known as initial coin offerings (ICO) – under which it will regulate some ICOs, either under anti-money laundering laws, or as securities.
It is a new move that shows the country’s ambition to be a “crypto-nation”, as the economics minister Johann Schneider-Ammann said.
Unlike other countries showing resistance to cryptocurrencies, Switzerland is eager to attract more start-ups and has already launched a “Crypto Valley” in the Swiss city of Zug.
The Financial Market Supervisory Authority (FINMA) said in a statement that the guidelines "also define the information FINMA requires to deal with such enquiries and the principles upon which it will base its responses".
"Creating transparency at this time is important given the dynamic market and the high level of demand," the statement said.
ICOs have taken off on the back of the cryptocurrencies such as bitcoin and attempts to regulate them have increased worldwide.
"Financial market law and regulation are not applicable to all ICOs," the oversight body said. "Depending on the manner in which ICOs are designed, they may not in all cases be subject to regulatory requirements. Circumstances must be considered on a case-by-case basis."
FINMA says its focus will be on "the function and transferability of tokens" and "anti-money laundering and securities regulation".
"Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system," FINMA CEO Mark Branson said.
(ASIA PACIFIC DAILY & BBC)
