How is crypto regulated in Switzerland?

Crypto regulation in Switzerland is handled by the Swiss Financial Market Supervisory Authority (FINMA), which fits crypto activity into existing financial laws rather than a single crypto statute. Owning and trading crypto is legal, as covered in is crypto legal in Switzerland; this guide looks at which licences and rules apply to the businesses.

What are FINMA's crypto rules for businesses?

FINMA looks at what a firm actually does. Its fact sheet on crypto-based assets sets out the main paths:

• Anti-money laundering only. Custody, exchange, trading and payment services with payment tokens fall under the Anti-Money Laundering Act. The firm must join a self-regulatory organisation (SRO) in advance.
• FinTech licence. Some custody and trading activities can run on this lighter licence instead of a full banking licence. The Federal Council's 2025 release notes it currently caps client deposits at CHF 100 million.
• Banking licence. Usually needed when a firm takes public deposits into its own accounts, or holds payment tokens for several clients in a shared wallet.

FINMA says breaching licensing requirements is a criminal offence. As Switzerland is outside the EU, MiCA does not apply.

What is the DLT Act in Switzerland?

The DLT Act, in force since August 1, 2021, amended several laws so that securities can be recorded on a blockchain. It created DLT trading facilities, which can trade and settle tokenised securities. FINMA licensed the first one, BX Digital, part of the Boerse Stuttgart Group, on March 18, 2025.

How does the travel rule work in Switzerland?

FINMA applied the crypto travel rule early, in Guidance 02/2019. Sender and recipient details must accompany token transfers between supervised firms. FINMA did not adopt the FATF exception for transfers to unregulated wallets. Instead, a supervised firm may send tokens only to external wallets belonging to its own verified customers, and receive tokens only from them, unless the required information can be reliably passed along.

How are stablecoins regulated in Switzerland, and what is changing?

Under current practice, a stablecoin issuer may need a banking licence because holding customer money resembles taking deposits. FINMA's Guidance 06/2024 said several issuers instead rely on bank default guarantees and set minimum requirements for those guarantees.

On October 22, 2025, the Federal Council proposed two new licences. A payment instrument institution would replace the FinTech licence, drop the CHF 100 million cap and be the only type of firm allowed to issue Swiss regulated stablecoins. According to PwC, reserves would have to fully cover coins in issue, holders could redeem at par, no interest could be paid, and issuers would need the ability to freeze coins. A crypto institution licence would cover custody, staking and trading services. The consultation closed on February 6, 2026, and the bill was not expected to reach parliament before the second half of 2026. Tax rules are separate, see how crypto is taxed in Switzerland.

Rules differ by country and change often. Check the official regulator or a qualified professional for your own situation.