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Enforcement Action against Envion AG for potentially Unauthorized ICO

Envion AG, a crypto mining firm is under the radar, facing enforcement proceedings from the Swiss Financial Market Supervisory Authority (FINMA).Envion AG claimed to use clean and decentralized energy for powering its mobile units. The ICO for EVN token was completed in mid-January this year.

According to reports by FINMA, Envion AG had raised almost 100 million francs from over 30,000 investors. The proceedings are focussed on unauthorized token issuing leading to breaches of the banking law. FINMA has declined to comment further till the operations are over. The Swiss context provides an entirely different framework for ICOs. FINMA released the most recent version of the framework in mid-February of this year. This was a month after Envion’s fundraising campaign.

According to the guidance published by the regulator in September 2017, token sale conduct should be considered” case-by-case.”But, on the other hand, an ICO already has a banking license for obtaining public deposits.

Switzerland was ranked the second most favorable country worldwide for ICOs, with Singapore bagging the third position and the U.S. securing the top spot. The research was carried out from the available public data for number the ICO projects per country, who made it to the “ Top 100 ICOs” global list.

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