Switzerland issues ICO guidance

The Swiss financial regulator has published new guidelines on how it intends to apply financial market legislation to tokens, indicating that some will be regarded as securities.

In a press release, the Financial Market Supervisory Authority (FINMA) said it had noticed a sharp increase in the number of initial coin offerings (ICOs) in Switzerland, with a corresponding rise in the number of enquiries about the applicability of regulation. Since the legal framework is "partially unclear", FINMA decided to publish the new guidelines to clarify how it will treat enquiries from ICO organisers.

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