Regulation and Maturity (2018–2026) — conclusion

Conclusion of Chapter II

From 2018, the crypto industry of Zug matured. FINMA's guidelines on initial coin offerings of February 2018 set out how Swiss law applied to tokens by distinguishing payment tokens, utility tokens and asset tokens. The federal government adapted Swiss law to the technology through the DLT Act, in force since 2021. After FINMA had granted the first banking licences to crypto banks in 2019, the Zuger Kantonalbank became in 2023 the first cantonal bank to offer crypto services. The canton accepted crypto-assets for tax payments from 2021. Having survived the crypto winters of 2018 and 2022, the ecosystem counted in 2025, according to the industry, 719 companies in the canton, 41 per cent of the Swiss and Liechtenstein total. Chapter III examines the legal form that made Zug the seat of so many projects: the foundation.

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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