Swiss Regulators Published ICO Guidelines

The Swiss Financial Market Supervisory Authority FINMA published today initial coin offering (ICO) guidelines  
16 February 2018   1638

The guidelines set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. According to it, regulators will oversee and regulate ICOs anti-money laundering laws.

FINMA clarifies how token issuers should proceed in the country. The regulator also stated that there is a sharp increase in the number of Switzerland-based ICOs. This led to questions about applicable regulations.

The press release noted that financial market law and regulation aren’t applicable to all ICOs. Each case must be decided on its individual merits.

The regulations will be based on economic function and purpose of the tokens issued by the ICO organizer. Due to the fact that there is no generally recognized terminology for the classification of tokens in the world,  FINMA categorizes tokens into three types:

  • Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects.

  • Utility tokens are tokens which are intended to provide digital access to an application or service.

  • Asset tokens represent assets such as participation in real physical underlyings, companies, or earnings streams.  

FINMA will handle ICO inquiries according to three different categories, based on the type of tokens they’ll be issuing.

  • Payment ICOs (payment tokens), that issue tokens that are transferable and function as means of payment.

  • Utility ICOs (utility tokens), that will not qualify as securities, as long as their purpose is to confer digital access rights to an application or service. If a utility token functions as an investment in economic terms, it will be treated as a security.

  • Asset ICOs (asset tokens), that issue tokens that will be seen as securities. This means they’ll be treated like equities or bonds. These will be subject to strict requirements.

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.

Mark Branson

FINMA CEO

Round 1 of TOP Network IEO Ended in 7 sec

Initial exchange offering took place at Huobi Prime platform
26 March 2019   73

The initial exchange placement (IEO) of the TOP Network project on the Huobi Prime platform that started today attracted no less attention than the similar campaigns on the Binance Launchpad. This is evidenced by the speed with which all the tokens allocated for the first round were purchased.

A number of investors in social networks reported technical problems that prevented the purchase of tokens, which, as in the case of the Binance Launchpad, are likely to be caused by an excessive load on the stock exchange infrastructure during the crowdsale.

The next round starts at 3/26 21:30 UTC+8, despite the fact that users did not use the 20 minutes set aside for trading, TOP Network reports.

For the two following rounds, 450,000,000 TOP and 750,000,000 TOP were allocated, respectively.