Swiss Finance Regulator, FINMA, has issued ICO guidelines providing much-needed clarity about crypto-tokens and their use within the financial system.
FINMA has set the world standard for the global crypto-currency economy and for other regulators to follow with their ICO guidelines.
The guidelines state that payment tokens and utility tokens can be made available on the Bity platform as long as they are not also investment tokens - this is great news.
It is clear to us now that FINMA considers cryptocurrencies and tokens as legitimate forms of exchange and recognises them as part of the new way of doing business.
Strong regulatory foundation
Cryptocurrencies hold much promise for transforming the traditional financial system to one that is open and accessible. With these new guidelines, our team will continue to grow the Bity platform knowing that the service we provide has a strong regulatory foundation.
These new guidelines also mean that blockchain and cryptocurrency projects will now be able to launch their token sales without being lost in regulatory grey areas.
It goes without saying that FINMA's acknowledgment of ICOs is a vital, and very exciting, step forward in the world of crypto-economics.
Switzerland is fast becoming an exciting place where companies can raise funds through ICOs, incorporate the local business registry with cryptocurrencies instead of Swiss francs and have access to an ever-growing local crypto business landscape.