#Newpost: FINMA Has Assessed The Fyooz Business Model

We have obtained a no-action letter from the Swiss Financial Market Supervisory Authority FINMA.

FINMA Stamp

FINMA has accepted our arguments in its assessment of the applicability of the Banking Act, the Financial Market Infrastructure Act and the Anti-Money Laundering Act in relation to Fyooz. FINMA is the Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation.

The Authority stated the following:

  • The Fyooz Coin is classified as a payment token and is therefore subject to the Money Laundering Act. By successfully joining a self-regulatory organization in January, we have anticipated this assessment and are already taking this assessment into account.
  • Our Star Tokens are not qualified by FINMA as security or payment tokens and are therefore not subject to the Money Laundering Act.
  • The operation of the Fyooz marketplace is not subject to licensing requirements under the Financial Market Infrastructure Act or qualification as an organized trading system. Fyooz therefore does not require a licence as a bank, an investment firm or a licence as a trading centre (Art. 43 para. 1 FinfraG).

Summary

FINMA has assessed our business model as being in compliance with the law and has determined that no approval requirements under financial market law need to be met for the issuance of Fyooz Coins and Star Tokens and the operation of the Fyooz Exchange. This means that the legal prerequisites are in place to enable the Fyooz platform to go live as planned.