According to FINMA’s ICO Guidelines, payment tokens, also known as cryptocurrencies, are digital tokens meant to be used now or in the future as a way to pay for goods or services or to transfer money or value. Cryptocurrencies do not give holders any claims or rights over the issuer.
This category includes well-known cryptocurrencies like Bitcoin, as well as others that have emerged from Bitcoin forks, such as Bitcoin Cash, Bitcoin Gold, and Litecoin. These cryptocurrencies were not created through ICOs, but it is possible to create cryptocurrencies using an ICO.
Unlike asset or utility tokens, payment tokens do not represent any legal claim or contract. They are unique assets in their own category.
Unlike utility tokens, payment tokens create relationships between three parties: the issuer, the token holder, and third parties who accept the token as payment.