White paper 2021 – Security Tokens Offerings in Switzerland

Recent social trends and technological developments – such as digitalization, automation and decentralization – are subjecting society to a paradigm shift leading to the creation of a new business ecosystem and opportunities that have the potential of establishing Switzerland as one of the epicenters of this ongoing revolution, thanks to several factors and in particular to the proactivity of federal and several cantonal authorities.

The SCA is a neutral, nonprofit association aiming at supporting the crowdfunding industry in Switzerland by promoting collective awareness on the potential of crowdfunding and supporting the development of a robust and pragmatic federal regulatory framework for its members. The SCA pursues its mission inter alia by organizing events (e.g. seminars and networking opportunities) and representing its members’ interest at the federal level. SCA published several standpoints during the consultation process in relation to FinTech regulation and had meetings with the federal authorities on such topic. The SCA also published two previous white papers: on crowdfunding (2015), respectively Real Estate crowdfunding (2017), both available on the SCA website www. swisscrowdfundingassociation.ch.

White papers1 are position statements which aim at drawing the attention of the SCA members’ and network on upcoming high-potential technical topics. The present 2021 white paper (the “White Paper”) follows this approach and analyses in details the Swiss ecosystem and regulatory framework of crowdfunding activities in Switzerland in the form of a STO.

Given that STOs are a mean of financing falling under the definition of crowdfunding and that we strongly believe that STOs will be used more and more frequently by Swiss companies seeking to raise funds, the SCA has decided to dedicate a white paper to this subject in order for its members and network to stay at the forefront of the crowdfunding industry’s developments.

More specifically, the purpose of this White Paper is to introduce the various types of STOs observed in Switzerland and to provide information about their structuring (incl. main regulatory requirements and necessary documentation). Some statistics and information in this White Paper refers to crowdfunding (not specifically STO), given that the Hochschule of Lucerne is monitoring crowdfunding in Switzerland since 2015. However, we thought it was useful to provide some information regarding crowdfunding more generally (not only STO, given in particular the excellent quality of information gathered and statistics provided by the Hochschule of Lucerne.

April 2021 Discover

Guide: Initial Coin Offerings (ICOs) in the Canton of Geneva

The Directorate General for Economic Development, Research, and Innovation (DG DERI) of the State of Geneva contributes to the development of the local economic fiber in all its diversity. It promotes entrepreneurship, digital and sustainable transformation, the emergence of talent, as well as innovation and scientific research.

Given the growing interest from various actors for blockchain technology and distributed registries as well as for Initial Coin Offerings (ICOs) in Geneva, DG DERI presents this guide in order to accompany and qualify ICO projects with a view to their installation in Geneva, regardless of their degree of advancement.

With its profoundly international nature and its multicultural tradition, Geneva provides the ideal setting for ICO projects. The canton offers quality infrastructures, a favorable tax system, and a competent blockchain ecosystem composed of entrepreneurs, academics, and an administration that has already initiated several projects using blockchain technology.

In addition, Geneva positions itself as a global hub for cybersecurity and is host to leading players in the field. The canton supports the idea of international regulation of cybersecurity and welcomes the recent Cybersecurity Tech Accord signed in mid-April 2018 by more than 30 major companies in the technology sector.

The Swiss legislative and regulatory context is particularly encouraging for ICOs and companies active in the blockchain sector. This is due in particular to the classification of the various kinds of tokens in a practical guide published in the first quarter of 2018 by the Swiss Financial Market Supervisory Authority (FINMA), the Swiss financial market regulator.

This guide offers a summary of the information relative to the regulatory and tax measures in Geneva intended to assist ICO project promoters in their search for the best launch pad and to ensure consistency within the administration. It describes the qualification criteria for facilitating and accelerating projects becoming established in Geneva.

DG DERI offers entrepreneurs the possibility of obtaining an evaluation of their ICO project, as well as being put into contact, according to their needs, with actors in the Geneva ecosystem. A map of that Geneva ecosystem is available on the DG DERI website.

The information in this guide is updated by an open specialist group composed mainly of Geneva experts from the public and private sectors focused on the legal, banking, academic, and technical aspects of ICOs, as well as regulatory compliance, marketing, and more. This holistic approach makes it possible to consider every facet of an ICO.

May 2018 Discover

Crowdfunding Monitoring Switzerland 2017

We are pleased to present you the industry report on the Swiss crowdfunding market. The latest study published in 2018 is available in German and English and free of charge. Please fill in the form below to access the study.

Wir freuen uns, Ihnen das Monitoring zum Crowdfunding Markt in der Schweiz vorzustellen. Sie können die aktuelle Studie aus dem Jahr 2018 mittels dem Formular kostenlos in deutscher oder englischer Sprache herunterladen.

Bei Fragen stehen Ihnen die Autoren Prof. Dr. Andreas Dietrich oder Simon Amrein gerne zur Verfügung.

May 2018 Discover

Federal Council Key figures Swiss financial centre

Twice a year, the State Secretariat for International Financial Matters publishes up-to-date figures on Switzerland as a location for financial services. This publication is available electronically for downloading and printing. Furthermore, a hard copy of this useful summary can be ordered free of charge in a handy booklet format. 

April 2018 Discover

FINMA publishes ICO guidelines

FINMA has seen a sharp increase in the number of initial coin offerings (ICOs) planned or executed in Switzerland and a corresponding increase in the number of enquiries about the applicability of regulation. ICOs are a digital blockchain-based form of public fund-raising for entrepreneurial purposes. Given a legal and regulatory framework with partially unclear applicability, FINMA is today publishing guidelines, which complement its earlier FINMA Guidance 04/2017, setting out how it intends to treat enquiries from ICO organisers. Creating transparency at this time is important given the dynamic market and the high level of demand.

February 2018 Discover

White Paper about Real Estate Crowdfunding

Présentation du livre blanc de la Swiss Crowdfunding Association, le 17 novembre à Genève

December 2017 Discover

Carrefour des créateurs – Genilem

Comment utiliser le Crowdfunding ?

Retrouvez la vidéo de Dr Vincent Pignon, Président de la Swiss Crowdfunding Association au Carrefour des créateurs de Genilem

October 2017 Discover