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Additionally, the Swiss financial market regulator Finma released principles-based guidelines that would be applied case by case as opposed to prescriptive rules. It also designated a category called utility token, which are not considered securities. Some Chinese companies are moving to Switzerland, which is a hot spot for I.C.O.s; Geneva has even created a guide for token issuers.

“Switzerland is already developing into a leading hub, and I think that will be even more the case in the future,” Olga Feldmeier, chief executive of Zug-based SmartValor, said.

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