Swiss financial regulators “to investigate ICO activities”


nnIn Switzerland, the top financial market regulator in Switzerland announced that it is studying ICO cases to determine whether it violates regulatory requirements, but the agency did not point out any specific tokens sale records. In recent months, multinationals have begun regulation of ICO activities as the SEC said in the DAO survey that certain ICO activities may be securities. Yesterday, following the ban on ICO activities in South Korea, Switzerland’s top financial market regulators also said they would investigate ICO activities to see if there were any irregularities.n
nTranslation: Clovern
Switzerland’s top financial market regulators are investigating some of the undisclosed business activities after the first digital currency issue (ICO).n
Although the Swiss financial market regulator did not specify any specific tokens sale records, but today, the agency said it is studying “a number of ICO cases to determine whether it violates regulatory requirements.”n
Specifically, regulators would like to see whether the ICO organizers who developed the Cryptographic Coin-led Block Chain Network violated any law on anti-money laundering, securities or collective investment schemes.n
Swiss Financial Markets Authority (FINMA) said:n
nSome aspects of the financial market law may have covered ICO activities in a variety of ways, given that there are some similarities between the ICO / tokens sale event and the conventional financial market transactions in some respects. Study some different cases. “n
nIn view of the fact that more and more regulators have taken similar measures against ICO in recent months, it may not be surprising that the agency will start investigating the use of funds in Switzerland. Yesterday, the South Korean government announced the restrictions on ICO activities of the new initiatives, pointed out that the tokens sale and domestic capital market development contrary. In South Korea before the announcement of the initiative, the beginning of this month, China has just carried out a similar ICO crackdown.n
However, the development of the situation in Switzerland remains to be seen. According to FINMA, ICO can not be regulated under Swiss law because these activities do not involve third-party intermediaries and are launched for their own platforms. However, the agency added that this does not mean that ICO has no legal obligation at all.n
FINMA wrote:n
n”Taking into account the fundamental purpose and specific characteristics of ICO activities, these activities may differ from the existing regulatory law, depending on the structure of the services provided.”n

Leave a Reply

Your email address will not be published. Required fields are marked *