Swiss Start up Mio Decentral creates new crypto currency
Financial Market Authority confirms #MIO as payment token
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Switzerland (ots)
Discussions about the risks and opportunities of cryptocurrencies continue to rage. Even if an application is convincing, standardized parameters for assessing quality remain scarce. In order to offer investors a serious and robust product, the six founders of Mio Decentral deliberately opted to take the long regulatory route and initially requested a formal statement from the Swiss Financial Market Supervisory Authority. In their reply the agency has confirmed, that based on the supplied information, #MIO is to be classified as a payment token with the launch of the Mio dApp.
"The classification of #MIO as a payment token takes us to a new level. We are particularly pleased to be one of the first companies confirmed in this regard by the Swiss Financial Market Authority" said Adrian Marcu, CFO of Mio Decentral AG, who played a significant role in the submission procedure to the financial authority. "The process was constructive and progress was fast - a clear pro-crypto signal from Switzerland, especially since such legal certainty is only given in a few countries" Marcu continued. In their guidance on Initial Coin Offerings (ICOs) dated 16.02.2018, the agency published detailed specifications for the classification of coins and tokens. According to the guidance, tokens are divided into three categories: in addition to payment tokens, there are utility tokens (access to a digital service) and security tokens (representing an asset).
For over one year, the team has used its expertise in blockchain and decentralized technologies; currencies in capital markets and coinomics; and performance marketing know-how, to build an online product based on two principles, the first: 'access to the crypto market for all', and the second: give 'data sovereignty to the users'. Both great ideas, but each component of the project meant entering uncharted territory. As a result, every aspect was presented in meticulous detail in an overview provided to the financial authority. For the Mio founders, it is this level of care that makes the subtle difference - especially when it comes to regulation.
Why Reinvent It?
Briefly summarizing the market and their business model, Mio Decentral CEO, Ralph Piater-Frankenfeld said: "Decentralized technologies will significantly impact the topic of data security for individuals, businesses and public institutions. Our first use case, Mio, starts with online dating. So far, the market has been dominated by two players but it's high time users were given an application that gives them data sovereignty so they can use it with confidence". The two guiding principles of the founding team are based on the conviction that decentralized technologies are the economically superior strategy in the long term. With their dApp, they also fulfill an educational need, as users do not currently have access to a high-frequency social network that enables them to learn how to independently control their personal data, with Mio they do. An alpha version of the Mio app already exists, "Whoever wants to, is warmly invited to test it" concludes Piater-Frankenfeld.
About Mio
Mio is a dApp (decentralized application) that redesigns dating from scratch. Requiring only minimal personal data from the user, which is never stored centrally - this is the future of data security. In addition, all transactions (swipe & chat) are handled in a dApp-owned crypto currency classified by FINMA* as a payment token. By making these fundamental changes to the design of a social network application, users get back their data sovereignty.
This is possible through the exclusive use of decentralized technologies, such as the InterPlanetary File System (IPFS) and P2P messaging via The Onion Router (TOR). The dApp proprietary payment token #MIO is based on blockchain technology (Ethereum, ERC20 token). Users create Mio video selfies; the transmission of voice, facial expressions and mannerisms make getting to know each other more entertaining and drastically reduces the risk of fake profiles.
The dApp in Crypto-Valley Zug, Switzerland, is being developed by a founding team that brings together more than 100 years of international experience in IT, blockchain and finance. The operator is Mio Decentral AG and the Mio-dApp version 1.0 (Android and iOS) is expected to go online in early 2019. More at https://mio.ag/ and company news via Twitter @mio_decentral.
* Swiss Financial Market Supervisory Authority FINMA (CH); Based on the submission dated 08.05.2018 and the facts described therein.
Contact
Contact:
Simone Schuchert
Mio Decentral AG
Press & Media Relations
mobile: +491606745548
mail: simone.schuchert@mio.ag
Information: The referenced guidelines can be found at:
https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/