Consumer protection and the retail investor

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The DLT Act did not contain specific rules for the protection of retail investors in crypto-assets, so that such protection results from the general laws. The Financial Services Act applies its rules of conduct to providers that deal in tokens qualifying as financial instruments. The Unfair Competition Act prohibits misleading advertising and aggressive sales methods. The Consumer Credit Act applies to consumer loans. For payment tokens that are not financial instruments, the retail investor relies on the general protection of contract law, the Unfair Competition Act and criminal law.

This gap has attracted criticism. Consumer organisations have pointed to the losses of retail investors in the crypto crashes and to the aggressive marketing of some platforms. FINMA has warned the public repeatedly about the risks of crypto-assets and about fraudulent offers. The proposed crypto institution licence would introduce rules of conduct for crypto service providers, including information duties and rules on conflicts of interest. The Swiss approach nonetheless continues to rely more on the responsibility of the investor than the European approach, which includes detailed rules on the marketing of crypto-assets to retail clients under MiCA.

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.

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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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