Crypto-asset regulation in Switzerland: the DLT Act and FINMA's approach

Overview for education, not legal advice. Rules change — check the official sources. Last reviewed 20 October 2026.

Adapting existing law rather than writing a new code

Switzerland chose not to create a separate rulebook for crypto-assets. Its guiding principle is technology neutrality: an activity should be regulated according to what it does economically, whatever technology it uses. Where existing law created uncertainty for ledger-based activities, Parliament amended it in targeted ways.

How FINMA classifies tokens

In February 2018 the Swiss Financial Market Supervisory Authority (FINMA) published guidelines on how it treats enquiries about initial coin offerings. It distinguishes three broad types of token, based on their function:

• Payment tokens, intended as a means of payment. FINMA does not treat them as securities, but anti-money laundering rules apply to businesses that handle them.
• Utility tokens, which give digital access to an application or service. They are generally not treated as securities if that is their sole purpose and the service is functional when the token is issued.
• Asset tokens, which represent claims such as debt or equity, or a share in a company's future income. FINMA treats them as securities.

Many tokens combine features, and FINMA assesses each case on its substance rather than on what the token is called.

The DLT Act

The Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, usually called the DLT Act, was adopted by Parliament in September 2020. It is not a stand-alone law but a set of amendments to about ten existing federal acts. Part of it entered into force on 1 February 2021 and the remainder on 1 August 2021.

Ledger-based securities

The Code of Obligations now recognises ledger-based securities: rights that are recorded in a securities ledger and can be transferred only through that ledger, with the same legal effect as traditional securities. This gives tokenised shares or bonds a clear basis in private law.

Separation in bankruptcy

Amendments to the Debt Enforcement and Bankruptcy Act clarify that crypto-based assets held in custody for clients can, under certain conditions, be separated from the custodian's estate if the custodian becomes insolvent. This addresses one of the central risks for people whose assets are held by a service provider.

DLT trading facilities

The Financial Market Infrastructure Act now includes a licence category for DLT trading facilities: platforms for multilateral trading of DLT securities that can also offer custody and settlement, and that may admit a wider range of participants than traditional exchanges.

Anti-money laundering

Businesses that provide services such as exchange or transfer of payment tokens are generally considered financial intermediaries under the Swiss Anti-Money Laundering Act. They must either join a recognised self-regulatory organisation or be supervised directly by FINMA, and must identify customers and report suspicions. In 2019 FINMA published guidance on payments on the blockchain, explaining how the obligation to transmit originator and beneficiary information applies to transfers involving supervised institutions.

Banking and the fintech licence

Since 2019 the Banking Act has included a so-called fintech licence, which allows firms to accept public deposits up to a set limit without engaging in lending, under lighter requirements than a full banking licence. Some crypto-related businesses use this or a full banking licence, depending on their activities.

Stablecoins and further developments

FINMA has published guidance on the risks posed by stablecoins and on how their issuers are treated under banking and anti-money laundering law. Swiss authorities have also discussed further changes, including new licence categories tailored to payment and crypto businesses. As these discussions may lead to new legislation, check the websites of SIF and FINMA for the current state of proposals.

Timeline at a glance

• February 2018 — FINMA publishes its guidelines on initial coin offerings and its token categories.
• 2019 — the fintech licence becomes available under the Banking Act; FINMA publishes guidance on payments on the blockchain.
• September 2020 — Parliament adopts the DLT Act.
• 1 February 2021 — first provisions in force, including ledger-based securities.
• 1 August 2021 — remaining provisions in force, including DLT trading facilities and bankruptcy segregation.

How Switzerland compares

Switzerland is not a member of the European Union, so MiCA does not apply there. A Swiss firm that wants to serve clients in the EU therefore has to consider EU rules separately, including MiCA's narrow reverse-solicitation exception, under which only services provided at a client's own exclusive initiative fall outside the authorisation requirement. Conversely, an EU authorisation does not entitle a firm to operate in Switzerland. Compared with the EU's dedicated code, the Swiss approach relies more on interpreting existing law, which offers flexibility but means that the classification of a token can depend on a careful case-by-case assessment.

Overview for education, not legal advice. Rules change — check the official sources. Last reviewed 20 October 2026. Nothing here is an offer or a recommendation to use any crypto-asset service.