VALOR is a cryptocurrency issued by SMART VALOR AG Switzerland. Legally VALOR has a status of payment and utility token. This means it serves as payment to buy, cell and trade cryptocurrencies on the SMART VALOR exchange. VALOR has also a utility such as if user pays with VALOR, the transaction fee is reduced by 30%. Before the issuance in 2018, the concept of VALOR was submitted to FINMA (Swiss Financial Supervisor). FINMA confirmed the view that VALOR withing this functionality is not considered security and falls into the hybrid token category (utility and payment token). This means that VALOR is not a security (neither a share and nor a bond or any other type of securities).