Switzerland, as a financial centre, has a double reputation. On the one hand, clockwork: practical, competent, reliable. On the other, chocolate: indulgent and dark. The country’s private banks are still living down their reputations as facilitators of tax evasion. It is natural, then, that there should be knowing smiles at the news that Switzerland is keen to become a hub for cryptocurrency finance, and initial coin offerings in particular. The Swiss have broken ranks with the many countries keen to curtail the proliferation of ICOs, in which digital or fiat currency is exchanged for digital “tokens” exchangeable for services or assets, or held for speculative purposes. ICO funds are typically used to fund the creation of a business. The Financial Market Supervisory Authority (Finma) has introduced a set of guidelines designed to facilitate an orderly, legitimate and growing market for ICO funds. The same question should be asked of the Swiss approach as should be asked of an ...
