Blockchain Task Force Created By Switzerland

Announcements, Blockchain, ICO News, Regulation | January 11, 2018 By:

The government of Switzerland has created a new taskforce to begin developing a regulatory framework on blockchain and initial coin offerings (ICO).

Called Taskforce Blockchain, the group will be led by Finance Minister Ueli Mausrer and Economics and Education Minister Johann Schneider-Ammann. Taskforce Blockchain will also consist of blockchain startups, their attorneys, and federal and local officials.

It will examine legal guidelines regarding ICOs and blockchain firms while working with the State Secretariat for International Financial Matters. The task force will identify the areas that need action from the authorities. The group’s first meeting will be on January 12.

Schneider-Ammann commended the inclusion of blockchain companies in the discussions surrounding their legal framework.

“Blockchain is becoming more important as a technology for many industries, not just crypto finance,” said Schneider-Ammann. “What is needed is liberal regulation, which opens opportunities for Switzerland’s position while at the same time reducing risks.”

In September of last year, the Swiss Financial Market Supervisory Authority (FINMA) investigated a number of ICO cases to determine whether regulatory provisions had been breached. The regulator closed down a bogus crypto called “E-Coin” that generated $4.2 million USD in revenue for its creators. E-Coin’s website was shut down after FINMA discovered that it didn’t have the required banking license.