From the very beginning, Urknall AG has worked closely with partners and legal advisors to clarify the legal aspects and challenges of Fyooz. We namely work together with MME Legal Ltd, Zug and Zurich (incorporated with Ethereum in Switzerland) and are furthermore connected to the Self Regulation Organisation (SRO) – which is subordination to the Swiss Financial Supervisory Authority (FINMA).
There is an international trend which provides legal certainty to crypto projects. Since the industry is new, the regulatory environment is subject to a residual risk. In Switzerland, all clarifications on the part of Urknall AG have been made, to date. Fyooz will be fully regulated under Swiss law. The Fyooz Coin will be qualified as a Payment Token. This will allow us to trade FIAT and crypto money against Fyooz coins on an international level.
Moreover, the legal setting in Switzerland is not just the best possible, it is also a unique selling proposition of Fyooz. We have the possibility to create tokens for people, projects and brands in a simple and uncomplicated way, without great regulatory effort. In Switzerland, Star Tokens can easily be issued. For everyone who wants to become a token or a cryptocurrency, we therefore solve a big problem: what is a complicated process in most countries, Switzerland is pushing. The simplification also applies to users. They only have to go through the KYC process once, then they can buy all our tokens.
The following summary is wrapping up the most important legal facts and answers the important legal questions. They are adapted from the memorandums created by MME.