In 2019, the Swiss Financial Market Supervisory Authority FINMA registered 94 enquiries in connection with ICOs, with an increased number of enquiries concerning “stable coins.”
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Legislation and Principles
FINMA evaluates blockchain-based projects from the perspective of existing financial market legislation, which is principle-based and technology neutral.
Noting a marked increase in ICOs conducted or offered in Switzerland, the Swiss Financial Market Supervisory Authority (FINMA) issued as the first regulator a guidance in September 2017.
STO and IEO
After the huge hype of initial coin offerings (ICO), new form of blockchain-based fundraising came up – Security Token Offerings (STO) and Initial Exchange Offerings (IEO).