Switzerland
Switzerland operates a function-based regulatory regime under FINMA, complemented by the DLT Act, providing institutionally credible pathways for digital asset and tokenised securities activity.
Scope, licensing and operational frame.
Scope of Regulation
FINMA regulates digital asset activity through function-based application of banking, securities, fund and AML laws.
Who requires a licence
Banks, securities firms, fund managers and financial intermediaries dealing in digital assets, plus AML-registered VASPs.
Restricted activities
Unlicensed activity outside the AML reporting regime; unsupervised payment-token services.
Permitted activities
Licensed banking, securities, fund management and AML-supervised intermediation in digital assets.
Practical & advisory implications
Substance, governance and rigorous AML/CFT controls are required across all licensing categories.
Evolution at a glance.
FINMA publishes ICO guidance.
DLT Act enacted; ledger-based securities recognised.
DLT Trading Facility licensing operational.
Tokenised securities and fund frameworks expand.
Recent regulatory signals.
FINMA refines DLT trading facility supervisory guidance
Updated AML expectations for VASPs
"Switzerland remains one of the most institutionally credible jurisdictions for digital asset banking and intermediation."