In its guidelines, the Swiss Financial Market Supervisory Authority FINMA has pointed out that there is no ICO-specific regulatory framework in Switzerland. In absence of such, FINMA evaluates DLT projects from the perspective of existing financial market legislation, which is principle-based and technology neutral.
In assessing blockchain-based tokens, FINMA applies a “substance over form,” functional approach, focusing on the underlying economic purpose of a token. Addressing each project case-by-case in light of its particular circumstances, FINMA is guided by the “same risks, same rules” principle.
