Utility tokens, foundations and issuances

Read the PDF edition (2 pages)

Beyond cryptocurrencies and tokenised assets, since 2014 Switzerland has hosted foundations and companies that issue tokens intended to finance technology projects and to give access to services based on distributed ledgers. The foundation form, used by several major projects established in Zug, has made it possible to separate the governance of the protocol from that of the company, under the supervision of the federal supervisory authority for foundations.¹ Geneva has hosted a few of them, attracted by the presence of the international organisations and by the proximity of humanitarian and development projects experimenting with distributed ledgers for identity, fund transfers and the traceability of aid.

For Geneva practitioners, these issuances raise questions of classification, FINMA distinguishing payment, utility and asset tokens according to their function, of taxation, of foundation law and of compliance. The law firms of the financial centre have developed recognised expertise in these areas. The issuance market has calmed down since 2018, so that the issuances which remain follow rules close to those for securities. Without seeking to become an issuance centre, Geneva has provided the legal advice and the structuring, in keeping with its tradition as a centre of services.

Notes

Wikipedia (en), article “Ethereum Foundation”: Swiss non-profit foundation (“Stiftung Ethereum”) established in 2014 after a meeting of the founders in Zug, funded by a public sale of ether against bitcoin from July to August 2014, and which “funded multiple teams in different cities building three separate implementations of the protocol”; Charles Hoskinson, having left the project, founded IOHK, the company behind Cardano. ↩

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 September 2025.

English

Contact

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.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

Get in touch →

Utility tokens, foundations and issuances

Notes

Setting up or expanding in Switzerland?