Practitioner's checklist: Swiss regulatory questions for a crypto business

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The following checklist summarises the regulatory questions that a crypto business in Zug should address, complementing the checklist on the structuring of token projects at the end of Part G.

● * Token classification. * Classify each token under FINMA's categories. Consider whether the token is a security, a deposit, a fund unit or a means of payment, and whether it is a ledger-based security under the Code of Obligations.

● * Banking law. * Determine whether the business accepts deposits or holds crypto-assets for clients. Check whether custody is organised so that the assets can be segregated under Article 242a of the Debt Enforcement and Bankruptcy Act.

● * Securities law. * Check whether a prospectus is required for an offer of tokens that are securities. Determine whether the business requires a licence as a securities firm or a trading venue.

● * Anti-money-laundering law. * Determine whether the business is a financial intermediary and join a self-regulatory organisation or obtain a FINMA licence. Implement the travel rule and the verification of external wallets.

● * Asset management and funds. * Check whether the management of crypto-assets for clients requires a licence as a portfolio manager or whether a product is a collective investment scheme.

● * Staking and lending. * Review staking and lending services against FINMA's staking guidance and the rules on deposits.

● * Stablecoins. * For the issue of stablecoins, examine the Banking Act, FINMA's guidance of 2024 and the proposed payment instrument institution.

● * European market. * If the business serves clients in the European Union, assess whether MiCA authorisation is needed and whether a subsidiary in a member state or in Liechtenstein is the appropriate route.

● * Tax reporting. * Prepare for the reporting obligations under the Crypto-Asset Reporting Framework.

● * Monitoring. * Follow the revision of the Financial Institutions Act and adapt the business model when the new licence categories enter into force.

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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Practitioner's checklist: Swiss regulatory questions for a crypto business

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