From 2019, interested parties can apply for the new FinTech licence. The Swiss Financial Market Supervisory Authority FINMA is responsible for granting this licence. It has published guidelines aimed at simplifying the application process. To boost innovative financial companies, the…
In mid-June 2018, the Swiss parliament launched a new licensing category, known as the FinTech licence, with the aim of promoting financial market innovation. This new licensing category under the Banking Act (BA) will apply to institutions which accept public…
Currently there is no legally recognised classification of tokens, neither in Austria nor on a European or international level. The literature differentiates between three different types: Security / Investment Tokens (hereafter referred to as “Security Tokens”) Payment / Currency Tokens…
The Swiss Financial Market Supervisory Authority FINMA has launched enforcement proceedings against envion AG. FINMA has evidence that the company may have breached financial market law in relation to an ICO. FINMA launched enforcement proceedings against envion AG in July…
Austrian Banking Act (BWG; Bankwesengesetz) deposit-taking business Where capital is not collected in the form of crypto assets, but are instead collected in the form of a currency that is legal tender and the ICO foresees the repayment of…
In guidelines published today, the Swiss Financial Market Supervisory Authority FINMA sets out how it intends to apply financial market legislation in handling enquiries from ICO organisers. The guidelines also define the information FINMA requires to deal with such enquiries…
The Swiss Financial Market Supervisory Authority FINMA has published the amended circular “Public deposits with non-banks”. Changes made to the circular define more clearly the new FinTech regulations on sandboxes and the extended timeframe for settlement accounts introduced by the…
The Financial Market Supervisory Authority FINMA has observed a marked increase in initial coin offerings (ICOs) conducted in Switzerland. It has today therefore issued FINMA Guidance 04/2017 on this topic. FINMA has also indicated that it is investigating a number…