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WHAT IS THE SWISS NUMBER ON A TAX BILL CODE

Payment tokens (which are, according to FINMA, synonymous with “pure cryptocurrencies” referred to herein as “cryptocurrencies”) are tokens that are intended to be used, now or in the future, as a means of payment for acquiring goods or services or as a means of money or value transfer.

4 Based on this classification, which is also referenced and used by the Swiss Federal Council in the Dispatch, 5 the following three categories of tokens can be distinguished: For the broader treatment of cryptocurrencies under the Swiss financial market regulation, FINMA’s “Guidelines for enquiries regarding the regulatory framework for initial coin offerings” (“ ICOs”) (“ FINMA ICO Guidelines”) of February 2018 should be taken into account. The definition of the term “crypto-based asset” pursuant to the FBO is of relevance in connection with the determination of whether the acceptance or storage of crypto-based assets triggers a licensing requirement under the Swiss banking regulation (see below, “Licensing requirements”). However, the revised Federal Ordinance on Banks and Savings Institutions (“ FBO”), which came into force on Augunder the DLT-Law, defines the term crypto-based assets ( kryptobasierte Vermögenswerte) as assets that, pursuant to the intention of the originator or issuer, were issued with the primary intention to substantially serve as (i) a payment instrument for the acquisition of commodities or services, or (ii) an instrument for money or value transfers. Swiss law does not define the terms cryptocurrency or virtual currency. Finally, during its meeting on June 18, 2021, the Swiss Federal Council enacted the remaining provisions of the DLT-Law, which, together with the implementing ordinance, entered into force on August 1, 2021.

WHAT IS THE SWISS NUMBER ON A TAX BILL CODE

The amendments to the Swiss Code of Obligations and the Federal Act on Intermediated Securities set out under the DLT-Law, which enable the creation of ledger-based DLT-Securities, entered into force on February 1, 2021. In addition, the DLT-Law provides for an introduction of a new licensing category as a DLT-Trading Venue under the Financial Market Infrastructure Act (“ FMIA”) (see below, “DLT-Trading Venue”) and certain clarifications relating to the treatment of cryptocurrencies in Swiss insolvency proceedings (see below, “Insolvency”). The DLT-Law constitutes an “umbrella legislation” that introduces a new concept of so-called “DLT-Securities” under the Swiss Code of Obligations allowing for the tokenisation of rights, claims and financial instruments (see below, “Introduction of DLT-Securities”). 3 On September 25, 2020, the Swiss Parliament approved the Law on Distributed Ledger Technology (“ DLT-Law”).

In light of these findings, the Swiss Federal Council published a draft law relating to blockchain and DLT (“ DLT-Draft Law”) on Ma2 as well as the dispatch to the DLT-Draft Law (“ Dispatch”) on November 27, 2019. However, a need for selective action and improvements in certain areas of private, financial market and insolvency law was identified. 1 The report generally concluded that Switzerland’s legal framework, in principle, already provided for adequate regulations, covering the questions arising in connection with the development of new technologies, such as DLT. In December 2018, the Swiss Federal Council published a comprehensive report covering the legal framework for DLT and blockchain in Switzerland. Switzerland sees an opportunity to take a global lead in this sector, and officials and authorities are generally open vis-à-vis new developments. In Switzerland, the government’s general attitude towards blockchain technology, and in particular towards the tokenisation of securities, is very positive.īoth the Swiss federal government as well as the Swiss Financial Market Supervisory Authority (“ FINMA”) recognise the potential that blockchain and distributed ledger technology (“ DLT”) offer to the financial services industry as well as various other areas of the economy.