A blockchain and ICO working group has been formed by the (SIF) State Secretariat for International Financial Matters specifically tasked to overlook the legality and operational framework of ICO and blockchain in regards to their involvement with the Federal Office of Justice, the Swiss Financial Market Supervisory Authority and other businesses and industry sectors which may be involved with blockchain and ICO’s.
The Federal Council stated that after the Béglé motion on the 15th of November, 2017, that SIF would establish a working group specifically as a result of blockchain’s ability to generate substantial and damaging legal problems that could erode the entire framework that stabilises the financial market and countless other legal structures, such as the Code of Obligations and the Swiss Civil Code. One of the primary functions of the working group is to determine whether the current legal framework in place is adequate and whether there should be adjustments made for ICOs. Additionally, the group will look towards pushing for action against courses which need to be altered as well as future action.
Those who are carrying out the action and determining new courses are to be assisted by a steering committee of which the SIF State Secretary, Jörg Gasser (chair), the Director of the FOJ, Martin Dumermuth, and the Director of FINMA, Mark Branson will be a part of. All of those in the committee will work alongside and very closely with the sector in question.
Overall, the main outcome of this working group is to create a more stable, monitored and regulated future of ICOs and other financial technology businesses. This is all to further develop and place Switzerland as a leader in the FinTech market and ensure it remains an attractive base for foreign investment.
At the end of 2018, the working group will be required to report findings and recommendations to the Federal Council.