Financial Market Law and Crypto-Assets — conclusion

Conclusion of Chapter I

Swiss financial market law applies to crypto-assets and Digital Assets according to their economic function. FINMA's classification into payment tokens, utility tokens and asset tokens determines which laws apply. Banking law governs deposits and custody, with the sandbox and the fintech licence as lighter entry points. The Financial Services Act, the Financial Institutions Act and the Financial Market Infrastructure Act govern tokens that qualify as securities. The Anti-Money Laundering Act applies to exchange services and custodians, with the travel rule as a specific Swiss requirement. FINMA's guidance on staking and its enforcement practice complete the picture. The canton of Zug has no regulatory powers in this field, but its commercial register, its tax administration and its courts apply the federal framework to the companies of Crypto Valley. Chapter II examines the DLT Act, which adapted private law and market infrastructure law to the technology.

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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