Last January, the State Secretariat for International Financial Matters (SIF) set up a working group on blockchain technology and ICOs in cooperation with the Federal Office of Justice (FOJ) and the Federal Financial Market Supervisory Authority (FINMA).
The group has been working to examine the legal framework for the application of blockchain technology in the financial sector and will, therefore, have the task of indicating what steps should be taken next.
In recent months, the working group has examined financial market legislation and whether and to what extent existing legislation should be adapted in the light of blockchain technology developments.
The work will not only focus on ICOs but on all blockchain technology applications.
In particular, a need for action has been identified with regard to the transfer of tokens, their treatment in case of insolvency and the creation of new possibilities in the area of financial market infrastructure.
During the process, several members of the group contacted representatives of the sector and analysed the concerns expressed. With the desire to continue this work, the group invited financial sector associations and crypto experts to continue to participate in the consultation.
To send your requests you have to email [email protected] before September 20, 2018. By the end of the year, the group will inform the Federal Council, which will decide on the start of any legal amendments.