Blockchain/ICO working group established
Bern, 18.01.2018 - The State Secretariat for International Financial Matters (SIF) has established a blockchain/ICO working group, which will review the legal framework and identify any need for action with the involvement of the Federal Office of Justice (FOJ), the Swiss Financial Market Supervisory Authority (FINMA) and in close consultation with the sector.
In its response to the Béglé motion on 15 November 2017, the Federal Council promised that SIF would set up such a working group because blockchain technology gives rise to fundamental legal issues concerning both financial market law and general pieces of legislation (Code of Obligations, Swiss Civil Code, etc.). The working group will evaluate the legal framework for financial sector-specific applications of blockchain technology, with a particular focus on initial coin offerings (ICOs). It will identify potential needs for action and present courses of action. The work will be carried out in a steering committee consisting of the SIF State Secretary, Jörg Gasser (chair), the Director of the FOJ, Martin Dumermuth, and the Director of FINMA, Mark Branson. The steering committee will work closely with the sector.
The aim of this work is to increase legal certainty, maintain the integrity of the financial centre and ensure technology-neutral regulation. This clarification of the regulatory framework should help to ensure that Switzerland remains an attractive location in this area.
The working group will report to the Federal Council by the end of 2018.
Address for enquiries
Anne Césard, State Secretariat for International Financial Matters SIF
Tel. +41 58 462 62 91, email@example.com
Federal Department of Finance