I am not sure how that exempts anyone from anything. If you, as a Swiss company, issue tokens that are securities according to country X and sell them to citiz

I am not sure how that exempts anyone from anything. If you, as a Swiss company, issue tokens that are securities according to country X and sell them to citizens of country X without going through a securities offering, you are violating that country's securities laws and the fact that you are based in Switzerland I don't think is relevant