# Digital asset regulation and tokenization in Switzerland

> **Is crypto legal in Switzerland?** Yes. Businesses have regulated routes to operate with crypto-assets, under predictable rules. The DLT reform recognizes rights in distributed ledgers. In the Metlabs Regulatory Index it scores 90/100 and ranks 18 of 76 countries assessed (assessed October 3, 2026).

- **Author:** Javier Yáñez López, Legal & Regulatory at Metlabs
- **Last reviewed:** 2026-10-15
- **Latest regulatory change:** 2026-01-12
- **Scope:** Switzerland
- **Authorities:** FINMA
- **Metlabs Regulatory Index:** 90/100, rank 18 of 76 countries assessed
- **Web version:** https://metlabs.io/en/blockchain-regulation/switzerland/

Switzerland recognizes ledger-based securities through its Code of Obligations and provides for licensed DLT trading infrastructures. Market access depends on activity, custody and token classification: AML affiliation to an SRO, a FinTech license, banking permission and other financial institution licenses are not equivalent. FINMA’s 2026 custody guidance strengthens assessment of providers and insolvency protection, and a legislative reform in progress proposes dedicated categories for crypto-assets and stablecoins.

Switzerland regulates digital assets through existing financial legislation and a reform that recognizes ledger-based securities and enables licensed distributed ledger technology (DLT) trading infrastructures. For a tokenization project, this creates two connected assessments: what right the holder acquires and which activities the issuer and intermediaries perform. The ledger’s legal validity and the service provider’s authorization need separate examination.

The starting point varies with the business model. Securities issuance, client custody and a trading platform may trigger different requirements overseen by the Swiss Financial Market Supervisory Authority, FINMA. Some intermediaries are also subject to anti-money laundering supervision through self-regulatory organizations. This guide explains those routes and their limits, including access to European Union clients from a jurisdiction outside the European Economic Area.

## How a project fits within Swiss financial legislation

Switzerland's DLT reform amended several federal acts. According to the [State Secretariat for International Finance, SIF](https://www.sif.admin.ch/en/dlt-blockchain-en), ledger-based securities provisions entered into force on 1 February 2021 and the remaining package on 1 August. The framework combines civil recognition, financial infrastructure and insolvency rules. There is no single authorization covering every digital asset business.

Token and service functions determine applicable financial rules. The starting point for that classification remains [FINMA's 2018 guidelines on initial coin offerings](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-ico.pdf), which distinguish payment, utility and asset tokens and allow for hybrid forms. An instrument providing investment rights may require securities and investment services analysis; accepting deposits and certain custody arrangements require a different assessment. Switzerland is outside the EEA. A Swiss authorization does not itself provide MiCA passporting or allow marketing without addressing destination-market rules.

## How FINMA differs from self-regulatory organizations

FINMA grants and supervises authorizations under financial legislation. For intermediaries under Article 2(3) of the Anti-Money Laundering Act, [membership of a self-regulatory organization, SRO](https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/), provides an AML supervision route. FINMA recognizes and oversees those organizations; the SROs supervise their members within that remit.

This distinction affects how providers present themselves to clients and counterparties. SRO membership does not mean FINMA has granted the intermediary a prudential license or approved its products. Project assessment must identify the custodian, client contracting entity and the permissions or affiliations covering each activity.

## Which permission each activity requires

The appropriate route depends on what happens to client assets and instructions. Maintaining a securities ledger does not necessarily amount to accepting deposits; facilitating multilateral trading raises different issues from distributing an issuance. The application should describe those functions and responsible parties so that the technical architecture does not introduce an activity outside the intended permission.

The [Article 1b Banking Act FinTech license](https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/) covers public deposits up to CHF 100 million or crypto-based assets under its conditions. Covered assets may neither be invested nor bear interest. Registered office and operations must meet Swiss requirements. The deposit limit must not be presented as a general trading authorization or as deposit protection for clients. Stablecoins call for their own analysis.

In its [supervisory guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf), FINMA considers that the holder's redemption claim is usually categorized as a deposit under banking law (or, depending on the structure, as a collective investment scheme), so issuance generally requires a banking license, subject to exceptions such as a default guarantee provided by a bank under the conditions the guidance sets out. FINMA also highlights increased risks of money laundering, terrorist financing and sanctions circumvention. Issuing a stablecoin from Switzerland is therefore not an unregulated activity.

A [DLT trading facility license](https://www.finma.ch/en/authorisation/fintech/dlt-handelssystem/) concerns multilateral trading of DLT securities under financial infrastructure legislation. Classification also considers admission of certain participants, central custody or clearing and settlement. FINMA assesses the model and requires an audit before granting permission. A secondary market does not become authorized simply because it uses blockchain.

The [March 2025 BX Digital authorization announcement](https://www.finma.ch/en/news/2025/03/20250318-mm-dlt-handelssystem/) demonstrates practical use of this category. Its permission cannot be extended to other platforms. Different models may require banking, securities firm or manager licenses. [FINMA regulatory status inquiries](https://www.finma.ch/en/authorisation/fintech/unterstellungsanfragen-und-icos/) allow a project to be presented but must be distinguished from an application and a formal authorization decision.

## How a tokenized security acquires legal effect

[Article 973d of the Code of Obligations](https://www.fedlex.admin.ch/eli/cc/27/317_321_377/en) defines ledger-based securities through an agreement between the parties. The right is entered in a securities ledger and exercised and transferred through it. The ledger must give creditors power of disposal, protect its integrity and provide access to the rights, system operation and registration agreement.

Deploying a smart contract or calling a product a security token is insufficient. The agreement, corporate or contractual structure and ledger operation must work together. Article 973f connects transfer to the registration agreement. For property or other goods, the right embodied in the security must be distinguished from ownership of the underlying asset and its transfer formalities.

## What custody and insolvency protection require

[FINMA Guidance 01/2026 on custody](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20260112-finma-aufsichtsmitteilung-01-2026.pdf) examines technical infrastructure, private key protection, custodian selection and asset segregation in insolvency. Two points carry most of its practical value. A Swiss bank generally does not have to hold capital against crypto-assets it keeps for clients with a foreign sub-custodian, provided that third party is subject to prudential supervision and foreign law guarantees bankruptcy protection for the assets. And a Swiss portfolio manager may include crypto-assets held abroad in its management only if the custodian is subject to equivalent supervision and bankruptcy protection. A provider's assurance that wallets are separate is insufficient where insolvency rights have not been established.

The guidance distinguishes banking, individual portfolio management, collective investment and structured products. It must therefore not be reduced to a universal ban on custody by SRO-affiliated entities. Authorized institutions retain responsibilities when using third parties. AML and transfer controls, conflicts and risk information must be appropriate to the service and client category.

## What to resolve before structuring a project

Before choosing a structure, define the right to be issued, how it will transfer and who is responsible for performing it. This identifies the issuance, distribution, custody and trading functions. For ledger-based securities, the legal agreement and system operation must fit together: software that allows tokens to move between wallets is insufficient on its own.

Custodian selection requires checking legal asset protection alongside technical measures. [Homburger’s analysis of FINMA 01/2026](https://www.homburger.ch/en/insights/finma-guidance-01-2026/) examines the implications for different institutions; it does not treat every custody arrangement as the same case. Contracting entities, insolvency laws and the specific conditions of any sub-custody chain require assessment.

Documentation should also identify the countries where clients will be solicited and the distribution requirements in each market. The [Financial Institutions Act reform](https://www.are.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY) put to consultation in October 2025, with the consultation period closed in February 2026, is still a proposal rather than a license already in operation, but it should be followed.

It proposes two new license categories: the payment instrument institution, which would replace the FinTech license and be the only entity permitted to issue value-stable crypto-based means of payment, and the crypto-institution, which would cover custody, including the possibility of staking, trading on behalf of clients and proprietary trading with price quotation. Under the draft, banking and securities firm licenses would also permit acting as a crypto-institution; portfolio manager, trustee and collective asset manager licenses would not. Issuance conditions, exemptions and tax treatment need individual verification; the informative English translation of the Code of Obligations does not replace legally authoritative texts.

## Key takeaways

- Ledger-based securities civil law provisions apply from February 2021; other DLT reforms apply from August.
- SRO affiliation is not direct prudential supervision by FINMA.
- Article 973d requires a registration agreement and technical and legal conditions, beyond issuing a token.
- A Swiss license does not itself provide a MiCA passport to operate in the EEA.
- Issuing a stablecoin usually involves accepting deposits, subject to exceptions such as a bank guarantee.

## Regulatory milestones

- **2018-02-16** — FINMA guidelines on initial coin offerings. The supervisor publishes the classification into payment, utility and asset tokens, with hybrid forms, which still structures the analysis of any Swiss issuance. (source: [FINMA · ICO guidelines](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-ico.pdf))
- **2021-02-01** — Ledger-based securities. Civil law provisions of the DLT reform, including Article 973d, enter into force. (source: [SIF · Partial commencement](https://www.sif.admin.ch/en/dlt-blockchain-en))
- **2021-08-01** — Remaining DLT package. The remaining reform and its ordinance enter into force, including infrastructure and insolvency rules. (source: [SIF · Full commencement](https://www.sif.admin.ch/en/dlt-blockchain-en))
- **2021-09-10** — Permissions for SIX’s digital exchange and depository. FINMA announces approval of SIX Digital Exchange AG as a central securities depository and SDX Trading AG as an exchange. These differ from BX Digital’s later DLT trading facility permission. (source: [FINMA · Announcement of 10 September 2021](https://www.finma.ch/en/news/2021/09/finma-issues-first-ever-approval-for-a-stock-exchange-and-a-central-securities-depository-for-the-trading-of-tokens/))
- **2024-07-26** — FINMA guidance on stablecoins. The authority sets out its practice: the holder's redemption claim is usually categorized as a deposit or, depending on the structure, as a collective investment scheme; it details the conditions for bank default guarantees and highlights increased money laundering risks. (source: [FINMA · Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf))
- **2025-03-18** — FINMA announces the first DLT trading facility license. The first DLT trading facility license is announced. Its scope depends on the permission granted. (source: [FINMA · Authorization announcement](https://www.finma.ch/en/news/2025/03/20250318-mm-dlt-handelssystem/))
- **2025-10-22** — FinIA consultation on crypto-assets and stablecoins. The Federal Council opens a consultation, which closed in February 2026. It proposes two new categories: crypto-institution and payment instrument institution, permitted to issue value-stable crypto-based means of payment. They are not presented as licenses already available. (source: [SIF · Reform consultation](https://www.sif.admin.ch/en/dlt-blockchain-en))
- **2026-01-12** — FINMA custody guidance. FINMA specifies custody risks and expectations, including the conditions for sub-custody abroad and their effect on capital requirements and portfolio management. (source: [FINMA · Guidance 01/2026](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20260112-finma-aufsichtsmitteilung-01-2026.pdf))

## Frequently asked questions

### Does SRO membership equal a FINMA license?

No. Membership covers anti-money laundering supervision within the relevant remit. The activity must be assessed for additional financial licensing requirements. FINMA supervises the SRO, which oversees its members.

### What does Article 973d require for a tokenized security?

A registration agreement and a system meeting statutory conditions on disposal, integrity, information and exercise of the right. Token issuance alone does not establish compliance with those requirements.

### Are deposits with a FinTech licensee covered by bank deposit protection?

FINMA states that these institutions’ client deposits are neither privileged nor covered by deposit protection in bankruptcy. Article 1b and disclosure rules require prospective clients to be informed. The CHF 100 million limit is not a repayment guarantee.

### Do SIX Digital Exchange and BX Digital hold the same type of permission?

No. In 2021 FINMA announced central securities depository approval for SIX Digital Exchange AG and exchange approval for SDX Trading AG. In 2025 it announced the first DLT trading facility license for BX Digital. These are different infrastructure categories; scope and services must be checked for each entity.

### Does a Swiss license allow MiCA services throughout the EU?

It does not confer a European passport. Professional services within MiCA require assessment of the applicable European permission and target markets. The Article 61 exception for the client’s exclusive initiative is narrow: it does not cover solicitation campaigns by a third-country firm.

## How to cite this guide

Yáñez López, J. (2026, October 15). Digital asset regulation and tokenization in Switzerland. Metlabs. https://metlabs.io/en/blockchain-regulation/switzerland/