{
 "jurisdiction_id": "CH",
 "jurisdiction": "Switzerland",
 "url": "https://cryptoassets.gi/jurisdictions/switzerland/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-17",
 "schema_version": "crypto-v2.0.0",
 "counts": {
  "modules": 8,
  "sourced_findings": 17,
  "source_register": 34
 },
 "modules": [
  {
   "code": "crypto_licensing",
   "name": "Crypto Licensing",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#crypto-licensing-crypto-licensing",
   "standing_position": "Switzerland operates a mature, multi-track crypto licensing perimeter fitted within existing financial-services law rather than a bespoke crypto statute. FINMA has authorised firms across four distinct license tracks: a relaxed 'fintech' license under the Banking Act as a lighter-touch alternative to a full banking license for blockchain/cryptocurrency firms; a dedicated DLT Trading Facility license under the Financial Market Infrastructure Act enabling regulated venues such as BX Digital to operate tokenized-asset trading platforms (though the current backing source evidences a related pan-European settlement platform rather than BX Digital's authorisation directly -- a flagged sourcing gap); a securities-house license granted to Crypto Broker AG permitting it to hold client fiat funds and deal in regulated security tokens; and Banking Act licenses to dedicated crypto-custodian banks including SEBA Bank and Sygnum, the first FINMA-licensed crypto-custodian banks. No material change to this perimeter was identified this cycle.",
   "findings": [
    {
     "finding": "a relaxed 'fintech' license under the Banking Act as a lighter-touch alternative to a full banking license for blockchain and cryptocurrency-based firms",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://coindesk.com/swiss-government-to-regulate-blockchain-within-existing-financial-laws",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "a dedicated DLT Trading Facility license under the Financial Market Infrastructure Act, enabling regulated venues (e.g., BX Digital) to operate trading platforms for tokenized assets",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.coindesk.com/business/2025/09/04/boerse-stuttgart-unveils-pan-european-settlement-platform-for-tokenized-assets",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "a securities-house license to Crypto Broker AG, enabling it to hold client fiat funds and deal in regulated security tokens",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.coindesk.com/business/2021/02/01/switzerlands-crypto-broker-ag-wins-securities-house-license-from-finma",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "dedicated crypto-custodian banks (e.g., SEBA Bank, Sygnum) under the Banking Act, permitting them to act as custodian banks and enable crypto-linked fund structures",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.coindesk.com/business/2021/09/29/switzerlands-seba-bank-snags-first-finma-license-for-liquid-crypto-funds",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "token_classification",
   "name": "Token Classification",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#token-classification-token-classification",
   "standing_position": "FINMA's February 2018 ICO taxonomy remains the operative test, distinguishing payment tokens (means of payment, not securities), utility tokens (access-only, not securities), and asset tokens (issuer claim, treated as securities). A related stablecoin classification-by-reference-asset framework applies banking law, securities law, or collective-investment-scheme treatment depending on backing and claim structure. No bespoke stablecoin statute exists.",
   "findings": [
    {
     "finding": "utility tokens intended solely to provide access to a digital application or service, under FINMA's ICO framework",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.esma.europa.eu/sites/default/files/library/esma22-106-1338_smsg_advice_-_report_on_icos_and_crypto-assets.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "securities -- asset tokens representing a claim on an issuer (debt- or equity-like rights), triggering securities-law obligations",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.esma.europa.eu/sites/default/files/library/esma22-106-1338_smsg_advice_-_report_on_icos_and_crypto-assets.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "a means of payment rather than a security -- payment tokens (cryptocurrencies without an issuer-backed claim, e.g. Bitcoin)",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.esma.europa.eu/sites/default/files/library/esma22-106-1338_smsg_advice_-_report_on_icos_and_crypto-assets.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "stablecoins: currency/commodity-backed coins with a contractual claim fall under banking law; security-backed coins fall under securities law; basket-referenced coins with a redemption claim are treated as collective investment schemes",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.bis.org/fsi/publ/insights49.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "on_chain_activity_regime",
   "name": "On-Chain Activity Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#on-chain-activity-regime-on-chain-activity-regime",
   "standing_position": "The 2021 DLT Act creates 'ledger-based securities', giving legal effect to ownership transfers of securities recorded on a distributed ledger, without a separate license requirement for tokenization itself, in force since 2021-08-01. Other on-chain activity categories (staking, DeFi, mining, node/validator operation) remain unevidenced this run -- a coverage gap, not a finding of no regulation.",
   "findings": [
    {
     "finding": "'ledger-based securities', giving legal effect to ownership transfers of securities recorded on a distributed ledger, without a separate license requirement for the tokenization activity itself",
     "instrument_type": "law",
     "source": "Switzerland (DLT Act, 2021)",
     "source_url": "https://www.coindesk.com/policy/2021/02/01/switzerlands-tokenized-securities-law-ushers-in-new-chapter-for-digital-assets",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "stablecoin_regime",
   "name": "Stablecoin Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#stablecoin-regime-stablecoin-regime",
   "standing_position": "Stablecoin issuers can avoid a banking license via a third-party bank 'default guarantee', with FINMA's July 2024 guidance requiring a direct customer claim against the guarantee-providing bank and full coverage of deposits plus accrued interest. A major bank consortium (UBS, Sygnum, PostFinance, Raiffeisen, ZKB, BCV, Swiss Stablecoin AG) launched a live sandbox in 2026 to test a regulated CHF stablecoin; Switzerland does not yet have a broadly-used regulated CHF stablecoin in force.",
   "findings": [
    {
     "finding": "a banking license by arranging a third-party bank 'default guarantee' to repay depositors, per FINMA guidance on the associated risks and safeguards",
     "instrument_type": "issuer",
     "source": "Stablecoin issuers (Switzerland)",
     "source_url": "https://www.coindesk.com/policy/2024/07/26/stablecoin-default-guarantees-pose-risks-to-the-issuing-banks-swiss-regulator-says",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "that stablecoin customers hold a direct claim against the guarantee-providing bank and that the default guarantee fully cover customer deposits plus accrued interest",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.coindesk.com/policy/2024/07/26/stablecoin-default-guarantees-pose-risks-to-the-issuing-banks-swiss-regulator-says",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "a live sandbox in 2026 to test a regulated Swiss-franc stablecoin; Switzerland does not yet have a broadly-used regulated CHF stablecoin in force",
     "instrument_type": "issuer",
     "source": "Consortium of major Swiss banks (UBS, Sygnum, PostFinance, Raiffeisen, ZKB, BCV, Swiss Stablecoin AG)",
     "source_url": "https://www.coindesk.com/business/2026/04/08/six-top-swiss-banks-including-ubs-launch-swiss-franc-stablecoin-sandbox",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "consumer_protection",
   "name": "Consumer Protection",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#consumer-protection-consumer-protection",
   "standing_position": "DEBA custody-segregation provisions (Arts. 242a/242b, as amended by the 2021 DLT Act) were reclassified via Challenger fold from 'proposed' to confirmed enacted and in force since 2021-08-01, corroborated by the Library of Congress Global Legal Monitor, PwC Switzerland and Chambers & Partners. FINMA's ICO enquiry framework separately requires issuers to provide sufficient information on token function and rights as part of case-by-case assessment. Marketing restrictions, complaint-handling and suitability remain unevidenced this run.",
   "findings": [
    {
     "finding": "a statutory basis allowing segregation of crypto-based assets from an insolvent custodian's bankruptcy estate",
     "instrument_type": "law",
     "source": "Switzerland (DEBA Articles 242a/242b, as amended by the 2021 DLT Act)",
     "source_url": "https://www.loc.gov/item/global-legal-monitor/2021-03-03/switzerland-new-amending-law-adapts-several-acts-to-developments-in-distributed-ledger-technology/",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "issuers to provide sufficient information (e.g., on token function and rights) as part of its case-by-case regulatory assessment of token offerings under the ICO enquiry framework",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.esma.europa.eu/sites/default/files/library/esma22-106-1338_smsg_advice_-_report_on_icos_and_crypto-assets.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "tax_treatment",
   "name": "Tax Treatment",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#tax-treatment-tax-treatment",
   "standing_position": "Switzerland provides specific tax guidance on staking-reward income in addition to mining income, one of a small number of jurisdictions to do so. The Canton of Zug (cantonal level) permits settling cantonal tax liabilities directly in bitcoin and ether, with the transaction threshold raised to CHF 1.5 million. Federal-level capital-gains/wealth-tax circular coverage was not retrieved this run.",
   "findings": [
    {
     "finding": "specific tax guidance addressing income arising from staking rewards, in addition to mining income -- one of a small number of jurisdictions to do so",
     "instrument_type": "jurisdiction",
     "source": "Switzerland",
     "source_url": "https://www.coindesk.com/markets/2021/02/04/us-library-of-congress-says-most-countries-lack-clear-tax-guidance-on-crypto-staking",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "taxpayers to settle cantonal tax liabilities directly in bitcoin and ether, having raised the transaction threshold for such payments to CHF 1.5 million",
     "instrument_type": "jurisdiction",
     "source": "Canton of Zug",
     "source_url": "https://www.theblock.co/post/231555/zug-bitcoin-ether-tax-payment-increased-limit",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "cross_border_transfer",
   "name": "Cross-Border Transfer",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#cross-border-transfer-cross-border-transfer",
   "standing_position": "FINMA requires Swiss VASPs to verify the identity of the beneficial owner of a self-hosted wallet before allowing crypto transfers exceeding CHF 1,000, a threshold industry commentary described as stricter than the FATF baseline at adoption; verified as accurate and current by the Challenger. Broader outbound-restriction/sanctions-nexus categories were not sourced this run.",
   "findings": [
    {
     "finding": "Swiss VASPs to verify the identity of the beneficial owner of a self-hosted wallet before allowing crypto transfers exceeding CHF 1,000 -- a threshold industry commentary described as stricter than the FATF baseline at the time of adoption",
     "instrument_type": "regulator",
     "source": "FINMA",
     "source_url": "https://www.theblock.co/post/182184/swiss-regulator-aml-provisions-crypto-transactions",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "aml_cft_regime",
   "name": "AML/CFT Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/switzerland/#aml-cft-regime-aml-cft-regime",
   "standing_position": "AML/CFT for Switzerland is out of scope for this baseline by design: this module is subscribed from the financial-integrity monitor pending consolidation lock, and this record does not carry independent AML/CFT claims this cycle.",
   "findings": []
  }
 ]
}