Payment tokens are one of the 3 token categories that FINMA, the Swiss Financial Market Supervisory Authority, recognised. Cryptocurrencies can be used as a means of payment for acquiring services or goods, or as a means of value transfer.
The second token type, accordingly to the FINMA’s classification, is the Utility token that provides access to a service or application by means of a blockchain-based infrastructure.
The third type is the Asset token that can include debt or equity claim on the issuer. The Asset token can enclose, for example, a share in future company earnings or future capital flows. These tokens are analogous to equities, bonds or derivatives.
The same token can enclose functions of different token types. Such token is considered to be hybrid and can create for the involved parties liabilities issued from different legislations.
Exchange of digital currencies can represent a money laundering risk. Anonymity and cross-border asset transfers make the use of cryptocurrency attractable for money laundering purposes. Therefore, persons dealing with these assets on a professional basis should be aware of the money laundering risks.
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