The proposed crypto institution

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The second proposed licence is for crypto institutions. It would cover the custody of crypto-assets for clients and trading in crypto-assets that are not securities, such as payment tokens and stablecoins. Providers of these services are today regulated only under the Anti-Money Laundering Act, through a self-regulatory organisation. The new licence would subject them to prudential supervision by FINMA, with requirements for capital, organisation, risk management and the protection of client assets.¹ The proposal would bring Swiss law closer to the European Union's regime for crypto-asset service providers.

The industry's reaction has been mixed. Larger providers welcome a licence that would give them a recognised status and could support negotiations on market access with the European Union. Smaller providers fear the costs of prudential supervision and argue that the current regime under the Anti-Money Laundering Act has worked well. The industry associations, including the Crypto Valley Association, submitted a joint position calling for supervision proportionate to the size of the institution and for faster licensing procedures. The consultation closed in February 2026, after which the Federal Council was to prepare its dispatch to Parliament.² Because Parliament may amend the proposal significantly, the new rules are not expected to enter into force before 2027 or later.

Notes

SIF, press release of 22 October 2025 and fact sheet "Die Schweiz als Standort für Stablecoins und Kryptos", sif.admin.ch: the Krypto-Institut provides services with crypto-based assets of a trading character that are not financial instruments; licensing requirements and obligations are largely modelled on those for securities firms, including rules on conflicts of interest. ↩
finews.ch, "Stablecoin-Vorlage: Ein wichtiges Zeichen, aber nun muss nachgebessert werden", 9 December 2025: joint working group of the Swiss Blockchain Federation, the Crypto Valley Association, the Swiss Fintech Association and the CMTA; ongoing supervision of crypto institutions through self-regulatory organisations except for significant institutions, licensing within six months. SIF, "Bundesrat geht voran mit Stablecoins und Kryptos: Vernehmlassung eröffnet", 22 October 2025, news.admin.ch; VE Law, "FINIG Vernehmlassung abgeschlossen", 13 February 2026, velaw.ch: consultation closed on 6 February 2026. ↩

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.

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The proposed crypto institution

Notes

Setting up or expanding in Switzerland?