The government of Switzerland has launched a new task force as part of its efforts to develop a regulatory framework on blockchain and initial coin offering (ICO), CoinDesk reported.

During the second fintech roundtable held by the government last month, the participants agreed that the ongoing developments in blockchain technology and ICOs need special attention.

Recent reports suggest that Finance Minister Ueli Mausrer and Economics and Education Minister Johann Schneider-Ammann will lead the Taskforce Blockchain, which also includes representatives from science and industry. According to Switzerland Global Enterprise, the task force aims to develop proposals for policymakers on regulating this emerging area.

The task force will work with the State Secretariat for International Financial Matters and will examine the legal framework on ICOs and blockchain companies. It will identify the areas that need action from the authorities.

Appreciating the including of blockchain companies in the initiative, Schneider-Ammann said:

"[Blockchain is] becoming more important as a technology for many industries, not just crypto finance. [What is needed is liberal regulation], which opens opportunities for Switzerland's position while at the same time reducing risks."

In September 2017, the Financial Market Supervisory Authority (FINMA) announced that it is investigating a number of ICO cases to determine whether regulatory provisions have been breached. It also issued a guidance on the regulatory treatment of ICOs.