FINMA Guidance

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FINMA Guidance

In the guidelines published on February 16, 2018, the Swiss Financial Market Supervisory Authority (FINMA) outlines how it will deal with requests for supporting the initial coin offerings on the basis of existing financial market law.

FINMA defines the minimum information it requires to process such requests and the principles it will use to answer them. Thus, FINMA creates transparency for interested market participants.

Here you can see a preliminary overview:

Funds Raised by the Issuer

SRO affiliation or DSFI required. Due dilligence:

  • Full KYC

  • Determining BO

  • Organizational measures

  • Safekeeping and documentation obligation

  • etc.

ICO guide

Funds Raised by a Financial Intermediary Under the AMLA in Switzerland

NO SRO affiliation or DSFI required. Due dilligence:

  • Full KYC

  • Determining BO

  • Organizational measures

  • Safekeeping and documentation obligation

  • etc.

Note: AMLA subordination is required only if there's financial intermediary activity. An exception is the case, where a two party relationship (issuer of the means of payment is also seller of the digital service) exists!

Payment Tokens

Bitcoin, Ether
NO effect
NO bank activity
Means of payment in accordance with AMLA
Full AML, KYC/ SRO compliance (new).

Utility Tokens

Payment subscription
NO effect (except when investing)
No bank activity
NO means of payment if:
- Payment function accessory &
- Blockchain is not used for financial purposes.
No subordination under AMLA

Asset Tokens

Equity / Debt Coins
Effect (Prospectus required)

No bank activity

NO means of payment
No subordination under AMLA

We are happy to advise you comprehensively on the subject of the FINMA guidance. Call us to make an appointment for a personal conversation.