|Swiss Financial Market Supervisory Authority (FINMA)|
|Key People||Mark Branson, CEO|
The Swiss Financial Market Supervisory Authority (FINMA) is Switzerland's financial markets regulator.
FINMA was founded in 2009 by three Swiss institutions: the Swiss Federal Banking Commission (SFBC), the Federal Office of Private Insurance (FOPI), and the Anti-Money Laundering Control Authority (AMLCO). The establishment of FINMA was an attempt to consolidate the responsibility of supervising the Swiss financial markets into a single entity.
FINMA is responsible for monitoring banks, insurance companies, stock exchanges, and other market participants in Switzerland, as well as enforcing Swiss financial markets laws.
Switzerland is considered to be a crypto-friendly nation for the most part; Johann Schneider-Ammann, the country's economics minister, claims that Switzerland wants "to be the crypto nation." In February 2018, FINMA released a set of guidelines for local ICOs, in order to help clarify when to apply Swiss AML and securities laws.
The Canton of Zug in northern Switzerland is a popular location for cryptocurrency startups. One reason for this may be that financial services companies seeking to do business in Switzerland are usually required to either be a member of a self-regulatory organization (SRO) or be approved by FINMA. For a time, FINMA specified on its website that "the use of bitcoins as a means of payment is not state-controlled," so technically those trading bitcoin for one reason or another were not required to have a license to do so.
Under FINMA's new regulatory framework for cryptocurrencies and ICOs, crypto companies are only required to be licensed by FINMA if the services they offer fall under one of three categories, which are defined in the subtopic below.
|Payment ICO||Utility ICO||Asset ICO|
|Tokens can function as a means of payment over time, have no further functions or links to other development projects||Tokens give access to a digital service||Tokens pay dividends, interest, give rights to a share of company revenue|
|Must comply with AML regulations; not regulated as securities||Regulated as securities||Regulated as equities, bonds, or derivatives|
- Operational management. FINMA.
- How FINMA is organized. FINMA.
- How FINMA helps investors and individuals. FINMA.
- How Bitcoin Companies can Legally Operate in Switzerland. Bitcoin.com.
- Swiss Finance Regulator to Treat Some ICO Tokens As Securities. Coindesk.
- Switzerland sets out guidelines to support initial coin offerings. Financial Times.
- FINMA publishes ICO guidelines. FINMA.