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Ethereum issued coin
At midnight on July 22, 2014, Ethereum finally started a 42 -day public pre -sale.
On the official website of Ethereum white gray tone, in the middle is the number of Ether coins sold so far. In just 12 hours, more than 7 million Ethereum coins were sold for about 2.2 million US dollars.On the left of this sales record number, there are the remaining sales days. The right side is the remaining days under the current price. Below the three sets of numbers is a black button with “purchase of Ether coins”, as well as the “Terms and Conditions”, the purchase agreementLinks such as “White Paper” and “Revenue expectations”.
At the beginning of the “Terms and Conditions” documents, Ethereum wrote: “The distributed application on the Ethereum open source software platform (‘Ethereum platform’) requires Ethereum.Ethereum buyers are restricted by the following terms and conditions (‘terms’).
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Picture source: Ethereum Foundation official website
The document further pointed out: “According to Swiss law, the sales of the creation of blocks are legal software product sales”, and the sales of the product are “Ether, Switzerland, a Swiss company operating in accordance with Swiss law.Responsibility determines whether the purchase of Ethereum is legal in the area where it is located., Will reward them some Ether coins. “
The innovation point of the Ethereum tokens is that all participants were told them to buy the software (ETH) of a Swiss company, and ETH is the “fuel” of all applications on Ethereum.In short:ETH is a practical asset, not an investment tool.
In the end, the record of sales of Ethereum is:31,591 Bitcoin, worth $ 18,439,086 at the time, was exchanged for 60,102,216 Ethereum.This sales funds are used to repay the operating liabilities before the Ethereum development team, replenish the labor remuneration developed by developers several months before, and as a financial support for the future Ethereum development, which has forced the Ethereum for a whileEarly developers were relieved.
Buying token fundraising models that are still on paper with mainstream assets such as BTC have successfully kicked off, igniting the frenzy of ICOs of virtual currency project ICOs in the world.
What many friends do not know is that Ethereum established a distributed Bitcoin Decentral in Toronto in the early days of Ethereum, and later renamed DECENTRAL. In 2014, Ethereum started pre -sale.Legal entity, the core team has begun to have differences, which are roughly divided into two factions:
A faction is Charles and others of Ethereum. Their idea is to set up a non -profit foundation to support the development of the open source Ethereum agreement.Have predictable revenue sources.
The other faction is represented by Vetalik, the soul figure of Taifang, and they are more willing to set up a non -profit foundation to support developers from all over the world to build Ethereum in a more centralized and organic way.
The final solution is to discount:In July 2014, the Ethereum team established a Swiss limited liability company called “Ethsuisse” and set up the Ethereum Foundation (StateEthereum).
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Image source: Ethereum Foundation official X account
Ethereum’s tokens are responsible for the Ethereum Switzerland Co., Ltd., after the pre -sale is over, the Ethereum Swiss Co., Ltd. will dissolve.Construction of facilities, at the same time, all code on the Ethereum platform will be open source and free. Developers in any place can participate in platform construction and build applications.
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Picture source: Ethereum Foundation official website
Ten years have passed. Ethereum has become a well -deserved industry leader in the industry. It has been reference and learning by more friends and merchants in terms of continuous sources. Whether it is its open organizational concept or it adopts the foundation of the foundation to issue coins.
Why choose the Swiss Foundation
The Swiss Foundation has a good reputation.Good reputation comes from the political and economic characteristics of Switzerland itself, but also from the legal characteristics of the Swiss Foundation.The Swiss Foundation is eligible for independent legal person, but has no shareholders.The foundation’s assets are managed by the Foundation Council in accordance with the purpose of the foundation.The use of the Foundation of the Foundation’s property was supervised by the Federal Supervisory Authority for Foundation (FSAF).
As of January 2023, a total of 1,7830 foundations were established in Switzerland.This year’s hot public chain project TON also established the Swiss Foundation in 2023. This is what president Steve Yun said.It enjoys a high reputation in the world -class regulatory standards, provides the Ton Foundation with unparalleled reputation, and opens the door for strategic partnerships and enterprise -level integration to strengthen the open network.The network achieves greater transparency and governance.
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Picture source: TON official website
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Picture source: TON official website
Supervision of the Swiss Foundation for coins
At present, Swiss Financial Market Supervisory Authority (Finma) does not have the special legislation of ICO.Nevertheless, the issuance of coins may involve relevant supervision in the following areas.
Banking Law: Under the Swiss Banking Law, if you accept or promote to the public, more than 20 deposits from the public may need to apply for a bank license, but because most ICOs do not involve repayment of investors, ICO issuanceIt can be performed by non -bank.
Securities -related laws:Whether Token is regarded as securities under Swiss law depends on its economic function.Although Switzerland’s securities issuance is not strict like the United States, China and other countries, it will still be regulated.Based on the classification of FINMA to token, Payment Token, Utility Token, Asset Token, Payment Token is not securities, but Utility Token, Asset token belong to securities to analyze the need for individual cases.For example, the only purpose of Utility Token is to grant digital access permissions from applications or services, and token can actually be used in this way during distribution, then Finma will not regard the Utility Token as securities.
If Asset Token is standardized and suitable for large -scale transactions, Finma will be regarded as securities.The TOKEN purchase rights sold during the pre -sale stage of ICO may also be regarded as securities.Public issuance of stocks or bonds must be issued a prospectus based on the Swiss Code of Obligations (CO).The equity or bond issuance will also be applied in the form of Token sales.The liability for the prospectus stipulated in CO is essential for ICO.If the right to provide similar stocks or bonds, the court may apply the liability rules of the prospectus to the white paper of ICO.Therefore, anyone who participates in writing the white paper (including consultants) may be responsible for incorrect or misleading information contained in the white paper.
In addition, when Token complies with securities, the creation and distribution of derivative products in the first -level market will be controlled by brokerage licenses.Similarly, if the Token is sold and provided to the public to the public, it is also subject to the same supervision.If the token trading platform adopts non -autonomous order matching method, it is also regulated by Finma.
For the analysis of whether token is a securities, specific case analysis is required.
Blockchain Law: Switzerland officially implemented Swiss Distributed Ledger Technolog (DLT) Act on January 1, 2021. The bill introduced DLT Securities (registered unitedIFicated Security). Noodles require.At the same time, the DLT bill also introduced a special license DLT Trading Facilities.According to the understanding of Lawyer Mankinjin, the scene applied to this card is the exchange.
Tax Law:The Swiss Foundation is not as duty -free as the offshore foundation, and it must apply for tax exemption according to the facts and situations of the foundation.The approved foundation purpose is a charity nature, and its income is all used for non -profit organizations or projects, which can be exempt from tax.If it is not, the donation of the foundation may need to pay the gift tax and pay the company’s income tax based on the revenue received.
Anti -money laundering method: The topic that is always talked about is not expanded.
The main establishment requirements of the Swiss Foundation
Clear charter.The foundation must be established in front of a notary person through a real charter. The Foundation is created to allocate the amount of capital to a specific purpose, and must be placed under the supervision of the federal, state or municipality.This supervision agency ensures that the resources of the foundation are used for predetermined.
Minimum 50,000Swiss franc(About 55,000 US dollars) donation amount.The minimum initial donation of the Swiss Foundation is 50,000 Swiss francs, which can be set for specific purposes without designated beneficiaries.
There must be a member of the local councilEssenceThe founder can be a legal person or an individual, and can be appointed as the chairman of the Foundation’s board.At least one member of the council with the right to sign must live in Switzerland.Details of the members of the council can be checked at the public registration office.
Foundation needs to be audited.The foundation should appoint an independent external audit to review the annual account of the foundation.Only when the Foundation has not raised public funds and the total amount of balance sheets for two consecutive years is less than 200,000 Swiss francs, can I apply for an exemption audit request from Finmaa.
Lawyer Mansku’s suggestion
A successful blockchain project is a collection of time and geography, and it is also a compromise of innovation and compliance.As a series of articles built by the web3 project architecture, this article is based on the establishment of the Ethereum Foundation and the establishment of the Swiss Foundation. It is hoped that we can provide more references for the early compliance of Web3 entrepreneurs to launch early compliance in the project.
On the whole, as the founding team of the project, according to factors such as the track types of the entrepreneurial project, the country and region where the target user is located, and the transaction requirements of investment funds, choose the place where the foundation suitable for its own project is located.If there are more places where the establishment of the web3 foundation and compliance with compliance needs to be further exchanged and discussion, please contact Lawyer Mankun.
