Working group "Blockchain/ICO" is launched

The State Secretariat for International Financial Matters has initiated the working group "Blockchain/ICO". The working group will collaborate with various authorities and industry representatives to evaluate the legal frameworks surrounding the topic of blockchain. The final report is expected by the end of 2018.

What is Blockchain?

‍Blockchain is a decentralized system in which transactions must be confirmed by multiple participating users to be validated. These transactions are then stored in so-called "blocks" and recorded on all computers participating in the system. This makes the system extremely secure against external attacks. The use of blockchain is very diverse. The most famous applications are cryptocurrencies like Bitcoin or Ethereum.

‍The "Blockchain/ICO" Working Group

‍Already on November 15, 2017, the Federal Council hinted that such a working group would be established. With the press release of January 18, 2018, it is now official: The State Secretariat for International Financial Matters (SiF) has created the working group. Included are the Federal Office of Justice and FINMA. Furthermore, the working group will act in close consultation with the industry. The creation of this working group acknowledges that the increasing use of blockchain technologies raises fundamental legal questions, especially in the area of financial market law. The working group will now evaluate the legal frameworks, with a particular focus on Initial Coin Offerings (ICOs).

The goal of the working group is to create legal certainty and, through an optimal design of the legal frameworks, to enhance the attractiveness of the Swiss financial market as a location for blockchain companies and, where possible, to increase it further. Findea helps you to keep your taxes simple and trouble-free.