Another significant milestone has been achieved by Synesis One. After months of ongoing discussions, applications, revisions, and communications with legal and regulatory authorities in Switzerland, the Synesis One token is officially designated as a utility token by the Swiss Financial Market Supervisory Authority (FINMA).
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation, similar to the Securities and Exchange Commission (SEC) of the United States or the Monetary Authority of Singapore (MAS) of Singapore. Therefore, FINMA is one of the leading government authorities determining whether a token issued by a blockchain project is a security or a utility token. Obviously, this applies to Switzerland and will not apply to the US or China, for example. However, here are some of the biggest implications of this designation.
- Exchange Listings: Listing tokens on the top tier exchanges most often require either a government designation or a legal opinion that the tokens are utility tokens. This FINMA designation puts $SNS in a great position for future exchange listings.
- Regulatory Compliance: The Synesis One team is committed to doing things the right way. Working with FINMA from the beginning, to get the utility token designation, allows us to foster a good relationship with regulatory bodies to comply with any existing and future regulations. We’re also hedging against the possibility for further regulations that may come up in the DeFi space by establishing a track record of compliance with the regulatory authorities.
- Legitimacy: As mentioned previously, we are focused on doing things right. This FINMA designation shows commitment and credibility to regulatory authorities, our investors, and our community members. It’s foundational in showing that the team is legitimate, and that we are here to execute.
So all in all, this is a huge accomplishment and a great start for Synesis One and our collective community. We stand for full compliance and cooperation with regulators. We strive for doing things the right way, even if it’s about choosing the path less travelled. This milestone will open up more opportunities for Synesis One and pave a smooth path toward success with credibility and compliance.