[2017-09-29] Swiss Regulators Investigating ICOs, Still Support Blockchain

[gokayc]

The Swiss financial regulatory board, Financial Market Supervisory Authority (FINMA), has increased its investigations into ICOs in Switzerland, according to a press release yesterday. The move comes after a substantial uptick in the number of ICOs based in the country, according to the document.

The Swiss financial board has also indicated that many of the ICOs that are currently active have already likely breached existing law that regulates financial instruments within the country. These include money laundering and terrorist measures, securities trading provisions, investment scheme laws, and banking laws.

As investigations continue, the Swiss regulatory body indicated that some action may be taken against those who have already violated policy. The document stated:

    “FINMA is currently looking into a number of different cases. Moreover, whenever FINMA is notified about ICO procedures that breach regulatory law or which seek to circumvent financial market law it initiates enforcement proceedings.”

Still supportive

The document did, however, indicate that the Swiss government has embraced the industry-changing power of Blockchain technology, and would continue to support new innovations within the space. The document states:

    “FINMA recognises the innovative potential of such technology and has been supporting efforts in developing and implementing blockchain solutions in the Swiss finance industry for several years.”

As other countries like China and South Korea continue to move toward stringent ICO policies, governments with more relaxed and innovation-friendly regulation will likely draw large numbers of new ICOs.


https://cointelegraph.com/news/swiss-regulators-investigating-icos-still-support-blockchain

[FrueGreads]

I completely support their decision. They are not blocking the growth and development of this new era, and at the same time, they are doing all they can to protect it's citizens. That's what a government should do. Let it's society grow in a safe environment. Swiss, Estonia, Slovenia, Japan, are all good examples on how to deal with ICOs and crypto right now. After seeing their success, I guess many more will copy their moves and follow their example, and this technology will continue to grow.

[1Referee]

It's time for a global approach of ICO's in general, and it definitely looks like the initial steps to achieve this have been set. If nothing was done to at least halt this market from turning into a 95% scam fest, it would eventually end up harming the view on crypto in general by the average joes. It has to be pointed out that quite often when the government is putting up stricter regulations, we don't agree with that, but I am fairly sure that in this case the majority of the people are on the side of the governments. It's ridiculous looking at how easily scam ICO's manage to obtain millions of dollars worth of crypto funds in a very short time. It's equaly ridiculous/stupid that people actually invest in them.

[zakalwe]

ICOs need regulation if we want Initial Coin Offerings to become serius way of funding a company. Otherwise, there will be too many scams and ICOs will never be taken seriously, they will become more like a gambling category, you pay some money and you can get more money back, or you lose all.
It was similar with kickstarter projects. At the beginning, countries didn't have appropriate laws but the laws adapted with time and starting a company with the help of kickstarter and similar platforms has become usual thing.

[BitHodler]

No more ICOs allowed in China, they move elsewhere. No more ICOs in South Korea, they move elsewhere. Maybe, no more ICOs in Switzerland, they move elsewhere. In other words, at some point they have no place to go to anymore.

As pointed out by the above posts as well, the need for a major approach of this problem is a good thing, but at the same time a necessity. But hey, after ICOs there will be something else that they will use to earn quick money.

First we had pre mining and insta mining, then token sales, and the next big thing seems to be launching Bitcoin splits ~ Bitcoin Gold is supposed to be the next best split according to the greedy entities behind it.