Initial Coin Offering
2017: Noting a marked increase in ICOs conducted or offered in Switzerland, the Swiss Financial Market Supervisory Authority (FINMA) issued a guidance in September 2017: FINMA Guidance 04/2017, Regulatory treatment on initial coin offerings
2018: In response to a sharp increase in ICO-projects and significant number of enquiries, FINMA issued more detailed: Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs) in February 2018, providing guiding principles, token classifications, and legal implications.
2019: With an increasing number of ”stable coin” projects, FINMA reafirmed its 2018 Guidelines and issued a supplement in September 2019, providing indicative stable coin classifications under its supervisory law: Supplement to the guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs)
In all three of its statements, FINMA emphasized that the particular circumstances in each individual case remain decisive and must be considered holistically.
In view of the market increase in DLT companies in Switzerland and their demand for corporate accounts with banks in Switzerland, the Swiss Bankers Association (SBA) has published SBA guidelines on opening corporate accounts for DLT companies.
