NEW YORK — Switzerland's financial watchdog, the Swiss Financial Market Supervisory Authority, is concerned that some initial coin offerings are violating the country's laws against "terrorist financing."
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Swiss regulators crack down on ICOs, say some might be guilty of 'terrorist financing'
Switerzland's financial watchdog is concerned that some ICOs could be violating the nation's laws.
FINMA said in a statement certain ICOs may be subject to existing financial regulations.
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Still, the massive growth of the ICO market, which has ballooned to more than $2 billion this year, according to data from fintech analytics firm Autonomous NEXT, has forced the agency to crack down.
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On the whole, the guidance has been viewed positively by folks in the cryptocurrency community.
Oliver Bussmann, president of the Crypto Valley Association, a Swiss organization, said in a statement emailed to Business Insider that the announcement comes as no surprise.
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"The agency appreciates the innovative potential of ICOs and is cognizant of the groundbreaking implications of the technology ICOs are driving," he said.
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