The Swiss are smart and clever. Money has always been on their side. Over the last 20 years, Switzerland has lost its fame as the world’s secret banking centre. This change has also caused a lot of drastic changes among many Swiss professionals, mainly fiduciaries and lawyers. Many of them have lost business and clients and have been forced to look for new avenues of opportunities. They have been the smartest and fastest to take up the new business opportunity. This time round the potential is immense and the future looks bright.
World Premiere for ICO´s
ICO’s have suddenly become the future of funding. On 16th of February 2018, the Swiss financial regulator (FINMA) became the first regulator in the whole world to officially launch detailed ICO principles and guidelines.
The guidelines are meant to bring clarity on how the country’s current legal framework will apply to the ICO’s. To many people in the legal field, this is an impressive and clever step taken. Many professionals were starting to fear that the sector may run into a regulatory nightmare owing to the recent cases of critics, hysteria and alarming statements meted out on regulatirs, Central Bankers and financial prominent people vs. ICO´s, Bitcoin & Co.
Fortunately, the step taken by Switzerland is a remarkable precedent for many regulators globally. Many will either follow the step initiated by Switzerland so as to improve on their financial regulatory framework. This will significantly reduce the burden of compliance on the side of ICO’s and hence make it a more attractive sector for issuers of ICO. Failure by regulators to follow the Swiss example will make the environment even more burdensome and become the case of taking your own bullet like was the case of the NY when it launched the infamous BitLicense. You can’t afford to bid good bye to such a business sector which holds a lot of potential in the future.
There is however a lot of optimism that many countries will take the path taken by Switzerland and open up more channels for ICO to take route. It will also be a big benefit for European countries if the EU follows the path taken by Switzerland.