In Switzerland, the Swiss Financial Market Supervisory Authority (FINMA) regulates cryptocurrencies under existing financial market law, in the name of technological neutrality. It assesses each token according to its economic function. Trading in virtual currencies such as bitcoin, providing wallets and operating payment systems fall under the Anti-Money Laundering Act. Some activities also require FINMA authorisation: as a bank, a securities firm or a trading system based on distributed ledger technology.
This page gives an overview of Swiss crypto regulation. Taxation, which lies outside FINMA's remit, is covered in our crypto regulation and taxation section.
How does FINMA approach cryptocurrencies?
FINMA starts from a simple principle: technology does not change the rule. Swiss financial market law is principle-based, and FINMA applies it without favouring or penalising blockchain.
Two phrases sum up its approach, according to its press release of September 11, 2019. "Substance over form": only the economic function and purpose of the token matter. "Same risks, same rules": a risk comparable to that of a bank calls for the same requirements as a bank.
The framework was first clarified for token-based fundraising, known as initial coin offerings (ICOs). On February 16, 2018, FINMA published practical guidelines on ICOs. In them, it announced enforcement proceedings against fraudulent models or those that circumvent the law.
Which crypto activities require FINMA authorisation?
The Anti-Money Laundering Act (AMLA) covers a wide range of players. Anyone who accepts assets belonging to third parties, or helps to invest or transfer them, is subject to it. FINMA mentions providing wallets, currency exchange, payment services, trading in virtual currencies and operating a payment system. Anyone subject to the AMLA must join a self-regulatory organisation (SRO).
The most demanding activities require authorisation. FINMA grants authorisations in particular to banks, securities firms, fund management companies, collective investment schemes, stock exchanges and multilateral trading facilities. Its Fintech page details three cases in particular: bank or Fintech company, securities firm, and trading system based on distributed ledger technology (DLT).
| Activity | Framework cited by FINMA |
|---|---|
| Wallets, currency exchange, trading in virtual currencies, payments | Anti-Money Laundering Act and membership of an SRO |
| Issuing or trading asset tokens | Securities trading rules, prospectus requirement |
| Banking or Fintech activity | Banking licence or Fintech licence |
| Trading platform on a distributed ledger | Authorisation as a DLT trading system |
| Fund invested in cryptocurrencies | Authorisation of the fund by FINMA (collective investment schemes) |
| Payment system backed by a stablecoin | Authorisation as a payment system under the Financial Market Infrastructure Act (FMIA) |
How does FINMA classify tokens?
FINMA distinguishes three types of tokens according to their function, with hybrid forms possible.
- Payment tokens: pure "cryptocurrencies". Being transferable, they fall under anti-money laundering rules, but they are not securities.
- Utility tokens: they give access to a digital use or service. If they also have an investment function, FINMA treats them as asset tokens.
- Asset tokens: they represent shares in real assets, companies or earnings, or an entitlement to dividends or interest. FINMA regards them as securities, generally with prospectus requirements under the Code of Obligations.
Two criteria guide this classification: the token's economic function and its transferability. A utility token that can be used as a means of payment may therefore also fall under the Anti-Money Laundering Act.
What does FINMA require for stablecoins?
For stablecoins, FINMA applies the same framework, on a case-by-case basis, according to a supplement to the ICO guidelines published on September 11, 2019. These tokens limit their volatility by means of underlying assets: currencies, commodities, real estate or securities.
The requirements depend on the underlying assets and the rights conferred on the holder. Depending on the case, FINMA cites the Anti-Money Laundering Act, securities trading, the Banking Act, the Collective Investment Schemes Act and the Financial Market Infrastructure Act.
The Libra project served as an example in 2019. According to that indicative assessment, it would have required authorisation as a payment system under the FMIA, with requirements for capital, liquidity and reserve management.
The topic remains current: in the Swiss Blockchain Survey 2026 by the University of St. Gallen, 80% of the institutions surveyed see stablecoins and central bank digital currencies as the main trend.
Why is the fight against money laundering central?
In 2018, FINMA noted that financial market law affected ICOs mainly through anti-money laundering rules and securities trading. FINMA explains that the risks are particularly high in a decentralised system where assets can circulate anonymously.
The AMLA imposes due diligence obligations on financial intermediaries, such as identifying beneficial owners. FINMA and the self-regulatory organisations monitor compliance. A FINMA circular has governed video and online identification since March 18, 2016; it was updated on May 6, 2021.
What does the first Swiss bitcoin ETF change?
The authorisation of a bitcoin ETF illustrates FINMA's approach. On October 20, 2026, it announced that it had authorised the first bitcoin ETF under Swiss law that is listed on the stock exchange, open to the public and invested directly in bitcoin. In 2021, a first crypto fund had been authorised, but it was reserved for qualified investors.
The green light comes with specific conditions:
- an exemption from the risk diversification rules, justified by bitcoin's track record and trading volumes, limited to this case;
- measures against custody risks, in line with the guidance published by FINMA on January 12, 2026;
- documentation that clearly explains the risks;
- the rules of conduct of the Financial Services Act (FinSA) at the point of sale.
According to FINMA, these sales rules protect savers better than buying cryptocurrencies directly. But authorisation does not eliminate risk: the capital invested may lose a significant part of its value.
What should an individual check before using a crypto platform?
Before opening an account, an individual can carry out a few simple checks based on FINMA's rules.
- The platform's status: the FINMA website publishes an "Authorised institutions" section and a "Warnings" section.
- Anti-money laundering membership: a service that provides wallets or trades cryptocurrencies is subject to the AMLA and must be a member of a self-regulatory organisation.
- The scope of a foreign licence: a European MiCA authorisation applies to the European Economic Area, of which Switzerland is not part. This is the case with BingX's MiCA licence, obtained in Austria.
- Market risk: FINMA points out that cryptocurrencies remain highly volatile, even through an authorised product such as an ETF.
Interest among individuals is growing. According to a study by the IFZ, the research institute of the Lucerne University of Applied Sciences and Arts based in Zug, 18% of the more than 1,700 people surveyed in Switzerland in the first quarter of 2026 held cryptocurrencies. That is 7 points more than in 2024.
And for an SME or a blockchain start-up?
A company launching a crypto service must check whether it is subject to supervision before starting. FINMA provides a dedicated address, fintech@finma.ch.
For opening a bank account, the Swiss Bankers Association published practical guidelines supported by FINMA on September 21, 2018. On the institutions' side, 68% of the institutions surveyed by the Swiss Blockchain Survey offered a crypto service in the third quarter of 2026. For 46% of them, regulatory or compliance requirements are holding back the development of blockchain offerings.
Key figures
- 3 types of tokens distinguished by FINMA: payment, utility, asset.
- February 16, 2018: FINMA practical guidelines on ICOs.
- September 11, 2019: supplement devoted to stablecoins.
- October 20, 2026: announcement of the first Swiss bitcoin ETF open to the public.
- 18% of people surveyed in Switzerland hold cryptocurrencies (IFZ, first quarter of 2026).
- 68% of the 25 financial institutions surveyed offer a crypto service (Swiss Blockchain Survey 2026).
What we don't know yet
Several points remain open in the sources consulted. FINMA's page states that the circular on video and online identification is valid until October 30, 2026, without saying what will replace it. Other providers have filed or announced applications for bitcoin ETFs: the authorisation granted on October 20, 2026 does not apply to them. Finally, the FINMA documents on stablecoins consulted for this page date from 2019; they do not say how this practice has evolved since.
