CRYPTO NEWS

The Cryptocurrency of Switzerland

Month: February 2018

Switzerland Becomes First Ever Country to Roll out Specific Guidelines for ICOs

It was initially reported that Gibraltar could be the first ever country to introduce specific rules for initial coin offerings (ICOs); however, in one swift move, it very recently got surpassed by Switzerland.

Unlike Gibraltar, Switzerland did not just announce its plans but went ahead to roll out its actual guidelines on ICOs.

In an announcement made through its site, the Swiss Financial Market Supervisory Authority (FINMA) published guidelines which pertained to the fundraising mechanism that became one of the most famous phenomena of 2017.

The guidelines, which work in addition to FINMA’s Guidance 04/2017, provide details to ICO executors on how an ICO should be initiated, managed and concluded in order to ensure complete transparency and effective handling of funds, as well as the deliverance of products and services promised to stakeholders.

The guidelines are detailed and helpful

Some key points from the guidelines allude towards the thoroughness with which FINMA has studied the functions of ICOs.

For instance, FINMA explains that not all ICOs can be judged under the same perspective, as the tokens that are distributed through the ICOs are not the same. It elaborates by mentioning how “payment tokens” are cryptocurrencies but “utility tokens” provide access to the ICO’s intended platform, while “asset tokens” signify the representation of real-world physical assets or revenue streams.

Building upon this classification of tokens, FINMA elaborates that ICOs could be identified under these labels as well, such as “payment ICOs,” “utility ICOS,” and “asset ICOs.”

It then describes that due to these different types of tokens and ICOs, each ICO needs to be treated with an approach that is designed for it, but the overall guidelines provide enough information for any executor to ensure that they are meeting some of the most important requirements.

However, it does not turn a blind eye to the fact that there would be ICOs which have tokens performing more than one function. For instance, a “payment token” could also serve as an “asset token.”

In those instances, FINMA assures the executors that if they have any questions for these “hybrid” ICOs, then FINMA personnel can look into their case and elaborate the guidelines on a case to case basis.

The guidelines take a comprehensive approach towards anti-money laundering and securities regulations, highlighting their importance towards ICOs and how several ICOs could very well fall under different acts about these requirements, for which they will need to be studied effectively.

FINMA also mentioned that the guidelines are put in place for the protection of investors, and are very important to follow because, under the country’s current civil law, it is uncertain whether a blockchain contract or agreement – which ICOs go by – is legally binding.

However, that did not stop FINMA from commending the effectiveness of blockchain technology, with its CEO, Mark Branson mentioning that it has “innovative potential within and far beyond the financial markets.”

This will go a long way in helping other regulatory authorities

Since this is the first of its kind move by a major financial regulatory authority, it will help authorities from other jurisdictions in developing their own guidelines of this sort especially because these guidelines address specific issues identified in ICOs, and with the regulator, FINMA, offering its help to explain them further to those who are in need of it.

If this approach gets to be successful in Switzerland, then this most certainly can influence other countries’ methodologies towards ICOs as well.

Gira Financial Group AG, the developer of Giracoin, being a member of SRO PolyReg, Zürich, holds a position of strength in the Swiss cryptocurrency domain. The company, founded in 2016, has steadily sailed towards success, with Giracoin gaining rapid traction, not only among investors in the country, but from across the globe.

Given its innovative mining process that puts it within the grasp of people across the globe, Giracoin is well and truly on its way towards placing the country back on high growth trajectory in the booming cryptocurrencysector.

If you liked what you read here, I offer you the possibility of receiving more information on how to become part of this Giracoin movement and how to receive profits for it. Click on the next button and let yourself be guided by your intuition.

 

Switzerland Bets Big on Cryptocurrency: Giracoin Leads the Way

Once considered a safe abode of investors from across the globe, the Swiss banking sector has lost its sheen over the last decade or so. With the banking sector in Switzerland accounting for 6% of the GDP of the country, government officials have renewed efforts to once again position the country at the helm of things in the global banking sector.

One such move, which has got the entire cryptocurrency fraternity worldwide jumping for joy, is the country’s Federal Councillor, Johann Schneider-Ammann stating that the government plans to transform Switzerland into a crypto-nationtion the near future.

 

For a country that has always emphasised on maintaining the highest level of consumer privacy and paramount security, there couldn’t be a better way to gain back lost glory than by adopting cryptocurrency the undisputed champion when it comes to security and user privacy. At the forefront of this race in Switzerland is the country’s homegrown cryptocurrency Giracoin.

Gira Financial Group AG, the developer of Giracoin, being a member of SRO PolyReg, Zürich, holds a position of strength in the Swiss cryptocurrency domain. The company, founded in 2016, has steadily sailed towards success, with Giracoin gaining rapid traction, not only among investors in the country, but from across the globe.

Given its innovative mining process that puts it within the grasp of people across the globe, Giracoin is well and truly on its way towards placing the country back on high growth trajectory in the booming cryptocurrency sector.

If you liked what you read here, I offer you the possibility of receiving more information on how to become part of this Giracoin movement and how to receive profits for it. Click on the next button and let yourself be guided by your intuition.

 

George Schmidt joins the Senior Advisory Committee of Gira Financial Group AG

Resultado de imagen de George Schmidt accenture

The fintech company Gira Financial Group AG is strengthening its business activities and engaging George Schmidt as an additional member of its Senior Advisory Committee.

 

 

 

Gira Financial Group AG (GFG) is expanding its activities and strengthening its strategic focus on blockchain-based services for third parties. The GFG Senior Advisory Committee is being expanded, with highly regarded fintech expert George Schmidt to join with effect from xx February 2018.

 

Mr Schmidt, 56, is Managing Director Financial Services at Accenture Switzerland. He studied business management with an emphasis on organisational behaviour and IT at the University of St Gallen and has an MBA from the University of Chicago.

Mr Schmidt began his career as a risk manager with UBS in Zurich. In 1989, he founded the systems integration company Nexpert, which he sold to the IT service provider Systor – a subsidiary of the then Swiss Bank Corporation – in 1994. As CEO of Systor, he developed the company into the largest provider of systems integration and outsourcing services in the German-speaking region.

He moved to Accenture in 1993, to facilitate Systor’s integration into that firm. In his capacity as Managing Director Financial Services at Accenture and Chairman of Accenture Services AG, he has outstanding knowledge of the IT and process landscape in the Swiss financial industry, and he has made a crucial contribution to various developments. His area of focus is digital transformation, and he is one of the founders of the Swiss FinTech Awards.

George Schmidt se une a los otros miembros de la junta Dr. Sabina Korfmann-Bodenmann y Dr. Daniel Rytz en el Comité Asesor Senior de Gira Financial Group AG.

La Dra. Sabina Korfmann-Bodenmann es propietaria de Korfmann Corporate Communications Consulting AG (KCCC), una empresa de comunicaciones especializada en instituciones financieras, y un experto financiero comprobado. El Dr. Daniel Rytz, recientemente CEO interino del especialista en tecnología de procesos Polymetrix, es un ingeniero químico y experto en optimización de procesos y flujos de trabajo organizacionales.

Con la incorporación de George Schmidt, el Comité asesor superior de GFG estará en una posición ideal para brindarle a la empresa una contribución estratégica importante.

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