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The future of the Swiss framework

The Swiss framework for crypto-assets and Digital Assets will continue to develop over the coming years. The reform of the Financial Institutions Act is the next major step, to be followed by the implementation of the Basel standard and of the Crypto-Asset Reporting Framework. The legal treatment of decentralised finance, of tokens that are not securities and of the private law status of payment tokens remains open. The legislator will also have to decide whether to adopt specific rules for the marketing of crypto-assets to retail investors.

The industry in Zug hopes that the reforms will preserve the qualities of the Swiss approach: technology neutrality, proportionality and a regulator willing to engage with new business models. It fears that the reforms will import the complexity of MiCA without its advantage of market access. The outcome will depend on the political process. Parliament has generally been favourable to the crypto industry, but it has also shown concern for the reputation of the financial centre and for the protection of investors.

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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Legal advice in Switzerland is provided by Ressos Legal, a Zurich law practice advising on all areas of Swiss law under the direction of Dr Alexander Ressos. Further information is available at www.ressos.ch.

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