The European Central Bank (ECB) recently
said cryptocurrency regulation is outside its mandate. This has
led to questions as to which body could provide a regulatory
framework when it is inevitably introduced.
As it stands, it is unclear what approach
European regulators will take; while the bloc's watchdogs have
not been shy to insist that cryptocurrencies are not a wise
investment, there has been a dearth of guidance provided to
offer clues on their approach going forward. The Swiss
Financial Market Supervisory Authority (Finma) is one of the
few European regulators that has offered wide guidelines for
initial coin offerings (ICOs), which could shape crypto
regulation for the entire continent.
Finma released its guidance on ICOs last September and since
then the Swiss ICO market has flourished. Swiss economics
minister Johann Schneider-Ammann said last month that he wanted
Switzerland to become the crypto nation, and four of the
world’s 10 biggest ICOs ever...