Ce diaporama a bien été signalé.
Nous utilisons votre profil LinkedIn et vos données d’activité pour vous proposer des publicités personnalisées et pertinentes. Vous pouvez changer vos préférences de publicités à tout moment.
When a tokens qualify as
security under Swiss law
FRORIEP Legal Ltd
17. April 2018 | Page 2
Tokens as Securities under Swiss law according to the latest guidance by the Swiss Financial Marke...
Prochain SlideShare
Chargement dans…5
×

#Crypto42 Token Summit; When a token qualify as security under Swiss Law (Ronald Kogens)

#Crypto42 Token Summit; When a token qualify as security under Swiss Law (Ronald Kogens)

  • Identifiez-vous pour voir les commentaires

  • Soyez le premier à aimer ceci

#Crypto42 Token Summit; When a token qualify as security under Swiss Law (Ronald Kogens)

  1. 1. When a tokens qualify as security under Swiss law FRORIEP Legal Ltd
  2. 2. 17. April 2018 | Page 2 Tokens as Securities under Swiss law according to the latest guidance by the Swiss Financial Market Authority Qualification as a Security •If tokens are suitable for (i) mass trading and (ii) represent fungible rights (same structure and denomination) or are placed with more than 20 individuals, insofar as they have not been created especially for individual counterparties, such tokens qualify as security under Swiss law. Although such qualification has not direct consequences, the international distribution becomes more burdensome. •Exception: •No temporary tokens or other tradeable rights are issued until the indented product is fully developed and functional Accordingly (FINMA classification): •Payment Tokens qualify as securities if such tokens (i) are indented to be used on a specific platform as a means of payment and (ii) such platform is not fully developed at the time of token issue •Utility Tokens qualify as securities if such tokens (i) represent a right to access a platform or use a resource and (ii) (a) such access or resource is not fully developed at the time of token issue or (b) when the platform or resource is available, the overriding purpose of the tokens is “investment” and not the access or use. •Asset Tokens qualify always as a security as they usually represent equity, a participation right or a bond. Takeaways: “Tokens can be hybrid i.e. a utility token or an asset token can also be a payment tokens and vice-versa.” “If you want to issue a payment token or a utility token that not qualifies as security under Swiss law, then: (i) do not issue the tokens until the underlying platform or protocol exists; (ii) and do not promote listing of tokens on third party exchanges.” Note: This overview is limited to the qualification as security under Swiss law. Depending on the structure of the project, the banking act, the anti-money laundering act, the financial market infrastructure act, the stock exchange act and the collective investment schemes act may also be applicable.

×