In a press release published today, the Financial Market Supervisory Authority (FINMA) said there has been a sharp rise in the number of ICOs launching in Switzerland, resulting spike in inquiries about the regulations that apply to them. With the situation currently “partly unclear,” the new guidelines have been released to clarify the status of projects wishing to launch a token sale project within the country. “Creating transparency at this time is important given the dynamic market and the high level of demand,” the authority states. Notably, FINMA will determine the applicability of regulation to crypto tokens on a case-by-case basis, taking a similar stance to that of the U.S. Securities and Exchange Commission in guidance released last July. When assessing ICOs, FINMA said it will focus on the “economic function and purpose of the tokens,” with the “underlying purpose of the tokens and whether they are already tradeable or transferable” being primary factors in how they will be classified.