Risk of reclassification of Data Tokens as securities. Switzerland (FINMA) and Liechtenstein (TVTG)

https://scoregex.streamlit.app

Swiss FINMA classifies tokens into three categories: payment tokens, utility tokens, and asset tokens.

A utility Data Token that does not grant rights to a financial underlying is a utility token not subject to the Stock Exchange Act (LBVM).

Switzerland has historically been favorable to blockchain innovation (Crypto Valley). Liechtenstein, with the Token and Trusted Technology Service Provider Act (TVTG), offers an even more flexible framework by recognizing the “token as a container” for rights of any kind.

Our analysis using Steelldy Reg 3.8 (regulatory flow graphs) shows that Swiss and Liechtenstein authorities have authorized similar data tokens. The probability of reclassification there is below 15%.

https://www.steelldy-indices.com

Oleg Turceac

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