Crypto Regulatory Body Clarifies Stance On Certain ICO Tokens

The Swiss regulator has released a statement clarifying its stance on certain ICO tokens. The statement was made by the Swiss Financial Market Supervisory Authority (FINMA) and states that the agency will not regulate cryptocurrencies that fall under the definition of digital products.

The clarification comes after an ongoing debate in Switzerland over whether cryptocurrencies should be considered securities. Current law classifies them as such, but some lawmakers have proposed that they be classified as substitute goods.

FINMA's announcement indicates that there is no legal basis to classify virtual currencies as financial instruments or securities under Swiss law and that FINMA does not intend to interfere in this debate.

The authorities also added that they will continue to monitor developments regarding the use of cryptocurrencies in Switzerland and make enforcement decisions based on those findings.