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Blockchain Tops 2017

Blockchain Tops 2017 Fintech Enquiries, States Swiss Financing Regulator

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Queries around blockchain, cryptocurrency and preliminary coin offerings (ICOs) in Switzerland have actually increased considerably in 2015, according the nation’s monetary regulator.

In its yearly report for 2017, released Tuesday, the Swiss Financial Market Supervisory Authority (FINMA) stated that, from the 453 fintech enquiries it got in 2015, 60 percent of them (271 cases) were concentrated on blockchain, cryptocurrency, ICOs and wise agreement applications.

The number marks an almost three-fold development compared with 2016’s information, when FINMA saw just around 60 blockchain-related enquires from an overall 270 cases (22 percent).

The development in queries around blockchain tech comes at a time when the Swiss regulator has actually positioned the subject as the center of its supervisory work, the company stated, including that concerns around ICOs are ending up being significantly regular.

” Particularly in the 2nd half of the year (2017), there was a sharp boost in queries about raising capital by means of ICOs,” FINMA commented in the report.

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Significantly, the Swiss regulator took procedures in September of in 2015 to examine ICOs that were considered suspect by the company, eventually buying the closure of 3 entities connected to a supposed rip-off called E-coin.

And, simply last month, FINMA likewise upgraded its standards on how its will deal with different tokens provided through ICOs, stating it will deal with some as securities. The company stated it would take a look at tokens on a case-by-case basis, describing 3 primary classifications to more clarify the procedure.

In a press conference on Tuesday, the company’s president, Mark Branson, stated his company is positive in the effectiveness of the brand-new standards and is now actively analyzing ICOs currently finished under the brand-new structure, inning accordance with Reuters.

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