Switzerland is already attracting many crypto projects launching ICOs. It issued a regulation that divides ICO into securities and non-securities
Switzerland should launch a cryptocurrency version of the franc in order to gain a competitive lead in digital technologies. This is according to the stock exchange chairman Romeo Lacher.
The new cryptocurrency will boost the economy and electronic payment systems that are replacing cash.
“An e-franc under the control of the central bank would create a lot of synergies — so it would be good for the economy.”
He is also the chairman of SIX Group. SIX is owned by Swiss Bank and provides financial infrastructure services including cashless payment systems and share trading.
Already, Switzerland has many startups issuing digital tokens through ICOs. Economics minister Johann Schneider-Ammann also said earlier this year that the country is a hub for ICOS.
“We think there is huge potential, but the market is not as disciplined as we want. We want the ICO market to prosper but without compromising standards or the integrity of our financial markets.”
However, the Swiss National Bank responded by saying there is no need for a national cryptocurrency.
The bank said cash and cashless transactions are working fine in the country.
Country has regulations on ICOs
Meanwhile, Switzerland issued this month some guidelines about ICOs and cryptocurrencies. In particular, the guidelines divide Initial Coin Offerings in three categories namely Payment Initial Coin Offerings, Utility Initial Coin Offerings and Asset ICOs.
Payment ICOs issues cryptocurrencies for payment purposes. These fall under anti-money laundering regulations but not considered financial securities.
Utility ICOs are those ICOs involving provision of access to products and services. These are also not treated as utilities. Asset ICOs are those that assure investors of future returns as dividends or regular income. These fall under securities categorization.