Plus   Neg

The Growing ICO Market In Switzerland


Switzerland is becoming the center of activity for Initial Coin offerings (ICOs) after the country's financial regulator became the first to set out an impressive framework for ICO issuers in mid-February.

The Swiss Financial Market Supervisory Authority (FINMA), on February 16, became the first regulator to issue ICO-specific guidelines about applying of Swiss laws to ICOs.

The Swiss financial market watchdog said there has been a sharp increase in the number of ICOs planned or executed in Switzerland and a corresponding increase in the number of enquiries about the applicability of regulation.

FINMA believes there should be transparency at this time for the dynamic market and the high level of demand.

FINMA is responsible for the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland.

Switzerland, one of the richest countries in the world, is among the first countries to chalk out ICO-specific regulations for local startups that are looking to raise capital.

The Zug province in Switzerland is now a "crypto-valley", with several firms dealing in cryptocurrencies and blockchain businesses.

The Central Banks and regulators in majority countries are striving hard to improve their regulatory framework towards virtual currencies and ICOs.

Of late, Switzerland was losing its charm as the secret banking center of the world.

According to a Forbes report, Switzerland alone has attracted half a billion dollars worth of fresh ICO capital in the first half of 2017, second to the U.S. A few other countries such as the U.K., Singapore, Hong Kong, and Estonia are also developing into crypto powerhouses.

Some of the biggest ICOs in 2017 were Filecoin's ICO that raised $257 million; Tezos token sale which raked in $232 million; and Bancor ICO garnering $152.3 million.

This year, the Telegram ICO's target size may be as large as $2 billion, TechCrunch said, citing two unidentified sources.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT