Swiss ICO regulations backfire

The guidelines developed by the Swiss Financial Market Authority (FINMA) in February of this year aim to increase transparency for ICOs but have the opposite effect. In February this year, the news site bitcoin.com reported on the guidelines issued by FINMA, which states that all ICO participants must implement KYC. The average cost of KYC is between $0.6 and $2, but Swiss certification agencies charge up to $25. In February of this year, a Swiss company called Grain, in order to make up for the increase in the cost of Swiss KYC, had to increase its minimum crowdfunding contribution (defined as 0.1 ETH). Elsewhere, participants spent around $30,000 in KYC. In Switzerland, companies such as ICO Engine charge 5% of all Ethereums, which means they have to pay $200,000 or more.

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