The CVA welcomes the recent initiative of FINMA to clarify how it intends to apply financial market legislation in handling enquiries from ICO organisers – in particular the information that FINMA requires to deal with such enquiries and the principles upon which it will base its responses.

The guidelines should enable FINMA to respond quickly and precisely to ICO organisers in an environment characterised by a sharp increase in the number of ICOs planned or executed in Switzerland. The move by FINMA confirms a regulatory approach to ICOs in Switzerland which is directionally predictable, pragmatic, supportive and risk-aware.

The CVA will support its members in implementing the guidelines as well as continue the Association‘s dialogue with the regulator. To this end the CVA intends to actively work with the CVA community to collect feedback on the FINMA initiative. More details on how this process will work will be communicated soon.