We are pleased to have assisted in the regulatory clarification of a new security token offering in Switzerland. The token to be sold the owners a participation in the future turnover of the company.
On 14 December 2018, the Federal Council presented the report of the "Blockchain / ICO" working group of the Federal Department of Finance to the public. The working group has examined the extent to which legal adjustments are to be made in Switzerland in the area of blockchain technology and distributed ledger technology (DLT).
With the support of our lawyers a Zug based company engaging in the digitalizing of art obtained a non-action letter from FINMA in connection with an Initial Coin Offering (ICO).
The Blockchain Taskforce has released the White Paper with recommendations how to amend the current law to appropriately reflect the new developments in connection with the blockchain technology and Initial Coin Offerings.
Reichlin Hess AG obtained a non-action letter from FINMA based on the updated practice according to the guidelines published on 16 February 2018 in connection with the planned ICO of a crypto payment service provider.
Artificial Intelligence is no longer science fiction. In connection with the new Blockchain-based technologies, the legal world is not only facing major challenges in particular with regard to civil and criminal law, but is also experiencing a wide range of new and thrilling legal instruments to address contemporary business issues.
In new guidelines published on 16 February 2018, the Swiss Financial Market Supervisory Authority sets out how it intends to apply financial market legislation in handling enquiries from ICO organisers.
Reichlin Hess advises on the issuance of a Utility Token from a Swiss regulatory, legal and tax perspective.
On 8 January 2018, the Crypto Valley Association (“CVA”), a Swiss based non-profit organization, published a Code of Conduct for Initial Coin Offerings.