According to the Swiss Financial Market Supervisory Authority (FNMA) annual report, the regulator has published that they had received a total of 271 (representing 60%) of cases focused on blockchain, cryptocurrency, ICOs and smart contract applications.
Switzerland has been accommodating to cryptocurrency and blockchain related programs, with Switzerlands Economics minister Johann Schneider-Ammann announcing that the country would become a major ‘crypto-nation’ and comparing 2016 data to 2017, the regulator has most certainly had an increase of 300% in applications.
This increase in applications, has forced the regulator to begin to focus on the sector and has taken action against various ICO scams listed in its market. In September 2017, FINMA closed down "E-Coin” which had accepted millions of Swiss francs in public deposits without holding the required banking licence.
Last month, FNMA announced that it would apply financial legislation in handling enquires for ICOs, and the principles upon which the regulator would respond to such applications.
Reuters has reported, at a news conference on Tuesday, Mark Branson, the agency’s Chief Executive said that his he was confident in the efficiency of the new guidelines and is now actively examining ICOs under the new framework.
Download the slides from #FINMA roundtable on #ICOs in #Switzerland.
Our second panel discussion at #CryptoSummit ends with the conclusion that progressive regulations and legal certainty are needed to enable the development of the fast-growing #Blockchain technology sector in Switzerland. #fintech #finma pic.twitter.com/smHTaibSCg— Sunnie J. Groeneveld (@sunniejaye) 28 March 2018