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FINMA Issues ICO Licence for the First Time

FINMA Issues ICO Licence for the First Time

The step comes in pursues of keeping the country as a top-notch in the financial sector with all new.

December 19, 2018 AtoZ Markets – In an unprecedented step in the country, the Switzerland’s financial market supervisor, FINMA, has issued a licence to a Swiss bank to run an ICO campaign, as the media reported on Dec. 18th.

The step was described as the firs of its kind in Switzerland, as Dukascopy won a FINMA licence for running an Initial Coin Offering campaign.

As a Forex broker, Dukascopy is now authorized to launch its public sale of its cryptocurrency that carries the name of Dukascoin around the beginning of next March.

In the meanwhile, the aforementioned bank is expected to finish the official paperwork and pass the audit and bounty tests, under the regulator’s confirmation that the regulatory procedure will not be complicated.

For issuing two cryptocurrencies as Dukascoins and Dukasnotes, Dukascopy had filed last September for a licence with the Swiss Financial Market Supervisory Authority (FINMA).

The aforementioned digital currencies will be issued for a main purpose of rewarding the clients who opt to use the bank’s products, along with employing them in the methods of payments the bank uses.

The former will be used as a crypto means of payment that has a limited supply while its initial purpose is to reward new clients for using Dukascopy products.

Dukasnote will play a role a stable coin, similar to how USDC and Tether are associated, as the white-paper explains.

Switzerland is open for digital assets, but scammers scare traders

Earlier reports informed that Dukascopy allocated a margin in its business for companies involved in crypto-related transactions to open accounts with, amid other banks secluding themselves from the cryptocurrency markets under the tough regulations the financial authorities in the country imposed.

Over the last few months, Switzerland was reported to have witnessed openness toward digital assets, with lenders still hesitant to make a move with cryptocurrency firms.

Among the other facilities Dukascopy have, is the ability of depositing and withdrawing funds in digital currencies, as a new service the bank was reported to have made available the last month.

It is worth mentioning to remind that FINMA had released last February its initial coin offering (ICO) guidelines and classification of. 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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