瑞士区块链融资经济新规则

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1、Date:Pressrelease16February2018Embargo:---Contact:TobiasLux,MediaSpokespersonFINMApublishesICOguidelinesPhone+41(0)313279171tobias.lux@finma.chInguidelinespublishedtoday,theSwissFinancialMarketSupervisoryandAuthorityFINMAsetsouthowitintendstoapplyfin

2、ancialmarketVinzenzMathys,MedialegislationinhandlingenquiriesfromICOorganisers.TheguidelinesSpokespersonPhone+41(0)313271977alsodefinetheinformationFINMArequirestodealwithsuchenquiriesvinzenz.mathys@finma.chandtheprinciplesuponwhichitwillbaseitsrespo

3、nses,creatingclarityformarketparticipants.FINMAhasseenasharpincreaseinthenumberofinitialcoinofferings(ICOs)plannedorexecutedinSwitzerlandandacorrespondingincreaseinthenumberofenquiriesabouttheapplicabilityofregulation.ICOsareadigitalblockchain-basedf

4、ormofpublicfund-raisingforentrepreneurialpurposes.Givenalegalandregulatoryframeworkwithpartiallyunclearapplicability,FINMAistodaypublishingguidelines,whichcomplementitsearlierFINMAGuidance04/2017,settingouthowitintendstotreatenquiriesfromICOorganiser

5、s.Creatingtransparencyatthistimeisimportantgiventhedynamicmarketandthehighlevelofdemand.EachcasemustbedecidedonitsindividualmeritsFinancialmarketlawandregulationarenotapplicabletoallICOs.DependingonthemannerinwhichICOsaredesigned,theymaynotinallcases

6、besubjecttoregulatoryrequirements.Circumstancesmustbeconsideredonacase-by-casebasis.AssetoutinFINMAGuidance04/2017,thereareseveralareasinwhichICOsarepotentiallyimpactedbyfinancialmarketregulation.Atpresent,thereisnoICO-specificregulation,noristherere

7、levantcaselaworconsistentlegaldoctrine.FINMA'sprinciplesfocusonthefunctionandtransferabilityoftokensInassessingICOs,FINMAwillfocusontheeconomicfunctionandpurposeofthetokens(i.e.theblockchain-basedunits)issuedbytheICOorganiser.Thekeyfactorsaretheunder

8、lyingpurposeofthetokensandwhethertheyarealreadytradeableortransferable.Atpresent,thereisnogenerallyrecognisedterminologyfortheclassificationoftokenseitherinSwitzerlandorinternationally.FINMAcategorisestokensintothreetypes,buthybridformsarepossible:P