FinTech, Token Generating Events (STO and ICO), Blockchain, Distributed Ledger

FinTech, Token Generating Events (STO and ICO), Blockchain, Distributed Ledger
Zürich, 20.09.2019

 

FinTech, Token Generating Events (STO and ICO), Blockchain, Distributed Ledger

Wenger & Vieli Ltd. regularly advises established financial institutions, non-regulated services providers and start-ups in FinTech and gives support regarding regulatory issues, corporate law and tax law.

Our experience

  • Wenger & Vieli Ltd. has provided advice to providers of mobile payments for years.
  • Wenger & Vieli Ltd. provides advice to integration of digital currencies, DLT based tokens with a claim on real assets and other digitalised assets as a new asset class in traditional financial institutions such as banks. Our services include drafting standard agreements, regulatory analysis as well as advice regarding the prevention of money laundering and terrorist financing.
  • Wenger & Vieli Ltd. supports the raising of funds for companies by way of securities token offerings (STO), i.e. issuing tokens which provide a claim on future profits of a company and/or voting rights (equity) or which incorporate a claim for repayment of a loan (debt). Fundraising can be performed in a traditional way by venture capital or as a securities token offering (STO). Regarding STO's the obligation to issue a prospectus is of core importance. We can provide prospectuses according to Swiss law but not for foreign countries where specific national prospectus rules and guidelines apply. We regularly submit requests for no-action letters to the regulator FINMA.
  • Wenger & Vieli Ltd. has broad experience in initial coin offerings (ICO) which we only support if they fully comply with applicable laws and regulations. We regularly submit requests for no-action letters to the regulator FINMA.
  • Regarding trading venues we offer advice for crypto currencies exchanges, trading venues for digitalised assets in the form of stock exchanges or multilateral trading facilities or organised trading facilities and represent our clients in the licensing procedures with FINMA.
  • In connection with activities which might fall under the banking act we provide advice to the forms for deposit taking which are exempted from the need for a fully-fledged banking license, in particular the pass through account, the sandbox and the Fintech license and represent our clients in the licensing procedures with FINMA.
  • Wenger & Vieli Ltd. has a long standing experience in matters of financial market infrastructures (payments, clearing, settlement) and represents its clients in the licensing procedures with FINMA.
  • Wenger & Vieli Ltd. provides advice on AML and KYC and supports clients in becoming a member of a Self Regulatory Organisation.
  • Our partner Martin Hess serves as expert to the Swiss Federal Administration for the drafting of new laws and regulations in the area of FinTech.

Official Publications of Swiss authorities

FINMA has issued Guidance on ICO on 16 February 2018 which can be summarised as follows:

Tabelle-ICO.JPG

On 14 December 2018, the Swiss Federal Council issued a report on "Legal Framework for distributed ledger technology and blockchain in Switzerland" https://www.newsd.admin.ch/newsd/message/attachments/55153.pdf.

Tax

Our tax department covers the FinTech tax implication in all the various stages and contacts the competent authorities for tax rulings.

Incorporation

Assuming a smooth process (i.e. receiving all the required information in form and substance requested, obtaining all signatures, etc.), the incorporation of a legal entity can be completed within two weeks.

Crypto currencies can be used as contribution on the initial share capital.

Relevant publications by our law firm

Fees

We charge only for time spent and expenses of our services (no cap). FinTech has so far not developed standards which would allow offering fixed prices.

Contact

ICO@wengervieli.ch

Standort Zürich

Wenger & Vieli AG
Dufourstrasse 56
Postfach
CH-8034 Zürich
Karte

Standort Zug

Wenger & Vieli AG
Metallstrasse 9
Postfach
CH-6302 Zug
Karte

Kontakt

Telefon: +41 58 958 58 58
Telefax: +41 58 958 59 59
mail [SECURE E-MAIL - REWRITE MANUALLY] *at* wengervieli.ch

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