“The classification of #MIO as a payment token takes us to a new level,” Adrian Marcu, CFO of Mio Decentral AG, said in a press release. “We are particularly pleased to be one of the first companies confirmed in this regard by the Swiss Financial Market Authority.”
The startup’s six founders “deliberately opted to take the long regulatory route” and initially requested a formal statement from the Financial Market Supervisory Authority (FINMA). In its reply, FINMA confirmed that #MIO is to be classified as a payment token with the launch of Mio Decentral’s dating application.
Developed in Switzerland’s Crypto Valley Zug, the Zug-based startup’s Mio dating application is a decentralized application or dApp. It requires only minimal personal data from the user, which is never stored centrally. In addition, as all transactions are handled with #MIO, users get their “data sovereignty” back.
According to Ralph Piater-Frankenfeld, CEO of Mio Decentral AG, the use of decentralized technologies “will significantly impact the topic of data security”.