Launching a service from Lugano

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For a provider of exchange, brokerage or custody services the steps differ. The provider must first decide whether it will hold client assets and in which form. Pure custody that meets the conditions of Article 242a DEBA and pure exchange services do not require a banking licence under current law, but they make the provider a financial intermediary, which must join a self-regulatory organization before it starts operating. Once client funds in fiat currency are held for longer than the settlement exception allows, or tokens are lent or staked without meeting the conditions of FINMA Guidance 08/2023, the provider needs a FinTech or banking licence. Dealing in tokens that are securities requires a securities firm licence. The provider must build the technical capacity to comply with the travel rule, including the verification of clientowned wallets, and must use blockchain analytics for the origin of tokens and for sanctions screening.

The provider must also plan for the reform. If the draft of 2025 is adopted as proposed, providers of custody and exchange services that today operate under anti-money laundering supervision alone will need a licence as a crypto-institution, with capital, organizational and conduct requirements. A business plan that relies on the light regime of the present will need to be revised. For the Italian market, the provider must decide early whether it will rely on reverse solicitation, establish a CASP in the European Economic Area or cooperate with an authorized partner. In each case the structure must be documented, because Italian authorities will judge it by its economic substance. Finally, the provider must take account of data protection under the revised Federal Act on Data Protection, in force since 1 September 2023, and of FINMA's rules on outsourcing when it uses cloud or analytics providers abroad, topics discussed in Chapter I.III.

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.

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.

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Launching a service from Lugano

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