Switzerland2018-05-27T10:46:43+00:00

Switzerland

Europe

Favorability: 4/5

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Even with further regulations coming down the line, Switzerland remains one of the most welcoming companies to cryptocurrencies and ICOs, with a permissive regulatory environment and a government that is vested in seeing them succeed. Additionally, with the regulations coming down across the EU, Switzerland has become an even more attractive destination.

Switzerland is located in Europe (non-EU): For the most part, European countries outside the EU have adopted a laissez-faire attitude to cryptocurrency regulation, driven strongly by Switzerland.

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Cryptocurrency trading in Switzerland

Reports have considered Switzerland one of the more advanced nations for creating welcoming environments for fintech and cryptocurrencies, attracting a number of ICOs.

The Swiss Financial Market Supervisory Authority, or FINMA, does not require any specific approval or license for cryptocurrency licenses according to a 2017 It considers cryptocurrencies are assets rather than securities.

In 201 Finance Minister Ueli Maurer promised to re-evaluate banking legislation to allow smaller companies in financial technology to avoid the red tape that is usually attached to larger banks, something ICOs naturally help with and one of their goals.

Regulation of ICOs in Switzerland

In late 2017 FINMA said it was looking into various ICOs for breaching “provisions on combating money laundering and terrorist financing” regulations, as well as others.

FINMA also said in a statement that certain ICOs may be subject to existing financial regulations.

“Given the close resemblance, in some respects, between ICOs/token-generating events and conventional financial-market transactions, one or more aspects of financial market law may already cover ICO campaigns according to their various models,” read the statement.

That being said, the ICO environment, particularly the so-called ‘sandboxes’, where start-ups and smaller companies can experiment and innovate within controlled regulatory conditions, provides an attractive opportunity for ICOs.

Cryptocurrency markets in Switzerland

Switzerland has a robust cryptocurrency community, and is a hub for ICOs and others, given the light touch regulation that has been implemented to attract them. As other countries lay down more stringent regulations, it remains to be seen whether Switzerland follows suit, but they’ve established themselves as one of the friendliest countries to cryptocurrencies.

IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.

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