Swiss: Financial Market Supervisory Authority Launched an ICO Guidelines
A new announcement has been made public on 16 February 2018 by the Swiss Financial Market Supervisory Authority (FINMA). They have introduced an ICO guidelines in order to align the existing financial platforms with the regulation in force.
The CEO of FINMA, Mark Branson has mentioned in the official press release that “Our balanced approach to handling ICO projects and enquiries 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”.
The idea of creating an ICO guidelines came taking into account the growing number of institutions that develop new tokens. However, there is a reduced transparency about their control, protection and use.
At the moment there is no classification of tokens in Switzerland. Instead, FINMA has separated them into three types: payment tokens, utility tokens and asset tokens.
The guide comes to help both investors and developers of new ICOs platform. This is supposed to be a perfect way to develop the blockchain technology. Also, among the main objectives of the project we can mention the elimination of money laundering and the emphasis on the importance of the platforms’ protection.
The CEO of FINMA added that “The application of blockchain technology has innovative potential within and far beyond the financial markets. However, blockchain-based projects conducted analogously to regulated activities cannot simply circumvent the tried and tested regulatory framework.”
Their intention is to support the ICOs development and the blockchain technology. Mark Branson argued that with the help of this guidelines, investors can be sure about project’s success and security. According to the press release, new platforms are encouraged to bring innovations, which will be from the beginning in accordance with the regulation in force.