Signposts to watch

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The four scenarios are not mutually exclusive. Since elements of several can coexist, the world of 2035 is likely to contain features of each. The value of the scenarios lies in identifying the signposts that will reveal which forces are gaining the upper hand. For Switzerland, the most important signposts include the decision of the SNB on the future of Helvetia III after the end of the pilot and the adoption of the amendment to the Financial Institutions Act on payment instrument institutions and crypto institutions. Further signposts are the volumes of Swiss franc stablecoins and tokenised deposits and the development of SDX and other DLT trading facilities.¹

At the international level, the most important signposts are the adoption of the digital euro regulation and the timetable of the ECB, the implementation of the GENIUS Act and the circulation of dollar stablecoins. The outcome of Agorá and any production system that follows it will also be revealing. Geopolitically, the development of mBridge and of payment initiatives among the BRICS states, together with the treatment of these systems in sanctions policy, will indicate whether the world is moving towards fragmented rails. The review of the Basel Committee's standard on crypto-asset exposures, announced in 2025, will show whether banks can hold such assets at reasonable cost, as Part F, Chapter II discussed.²

Notes

Signposts identified by the author. Status of the individual developments to be verified. ↩
On the review of the Basel Committee's prudential standard on cryptoasset exposures announced in 2025, see Part F, Chapter II. Status to be verified. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

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Signposts to watch

Notes

Setting up or expanding in Switzerland?