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Working Group: ICO Token (1)
Recommendation 1: Transferring tokens without changes to the law
Based on various legal doctrines, it can be argued that existing law allows the purely digital transfer of
tokens. In order to do so, they have to be designed as electronic securities and kept on a decentralized
Recommendation 2: Transferring tokens with changes to the law
In order to avoid legal uncertainty, a change to the law would be required. This can be linked in
particular to three points in the Code of Obligations (CO):
- Art. 165 CO: assignment of claims no longer requires written form
- Art. 973d CO: transfer of uncertificated securities kept on a decentralized trade repository requires
no written form
- Art. 973c CO: transfer of uncertificated securities in general, requires no written form
Transfer of Tokens
Working Group: ICO Token (2)
Recommendation 3: No adjustment of money laundering regulations
Based on the current interpretation of Swiss MLA Regulations, the obligations imposed on the financial
intermediaries concerned are justifiable. A change to the law does not seem to be necessary.
Recommendation 4: Best practice for transaction monitoring
The token issuer is not involved in transactions between subsequent token owners. In the absence of
financial intermediation, the these transactions are not monitored. In order to increase confidence in the
blockchain technology with regard to the authorities and other participants of the financial market, the
creation of "best practice" rules for transaction monitoring after the first issue of the tokens should be
Working Group: ICO Token (3)
Recommendation 5: Creation of a regulatory token map
The qualification of tokens as securities or deposits depends to a large extent on the stage in which the
ICO finds itself (pre-financing, vouchers, pre-functional, functional token). This aspect of time is to be
taken into account in the planned token map. The map is intended to show at what stage and under
what conditions it can typically be assumed that tokens are securities according to the Financial Markets
Infrastructure Act (FinfraG) or deposits according to the Banking Act (BankG).
Recommendation 6: Regulatory construction of a blockchain sandbox
Current supervisory law is geared towards the regulation of centralized and established structures. This
can have a restraining effect on the innovative power of the blockchain. If blockchain projects meet
certain requirements, they should therefore be granted relief in the form of a regulatory carve-out in a
sandbox. In particular, the tokens within the scope of this carve-out would, in principle, not fall under the
provisions of FinfraG, BEHG and BankG.
FinfraG and BankG
Subgroup: Token Map (1)
Common and Structured Language is needed to:
• Communicate and capture original intent of a token
• Capture all the critical design parameters
• Understand Regulatory, Tax and other legal consequences
• Evaluate risks
• Study and catalog emerging business models
• No existing standards
• Multiple stakeholders with disparate needs and views
• The space is quickly evolving
Working Group: Banking (1)
The “Swiss Cake” in traditional banking is challenged.
Blockchain-enabled models offer huge potentials for retail and investment banking, wealth and asset
management, and the financial market infrastructure.
Enable bank account opening for blockchain firms.
Introduce KYC standards and educate employees.
Initiate blockchain pilot project in regulated environment to gain ground.
Working Group: Banking (2)
Existing revenues from
New revenues and reduced
costs due to digitization
New revenues due to new
Working Group – Other Fields of Applications
Blockchain/ DLT will have a deep impact across all major Swiss industries and sectors. Its relevance
and concrete measures need to be analyzed and discussed early on to make sure we maintain a
leading position worldwide
Leading Swiss companies (large & SMEs) to spearhead initiatives on Blockchain. Specific role of
regulator/ government to be assess further (by sector/industry)
Education concept (dual system from apprenticeship to Lehrplan 21 and university education) needs
to be assessed: are the required knowledge and skills for Blockchain embedded in the curriculum?
How can we further support and accelerate?
Backdrop: Blockchain market will grow exponentially, ca. 85-90% of
global potential will be across non-FS industries
Sources: Gartner, Forecast: Blockchain Business Value, Worldwide, 2017-2030, 2 March 2017, PwC Strategy& analysis