Real estate tokenisation in Switzerland means representing a right linked to a property, such as a share or an income stream, with a token recorded on a blockchain. The official sources consulted do not describe a regime specific to bricks and mortar: the Swiss Financial Market Supervisory Authority (FINMA) assesses each token according to its function. According to the Swiss Blockchain Survey 2026 by the University of St. Gallen, only 8% of the 25 institutions surveyed offer tokenised real estate or real-world assets.
This detail page answers a single question: how tokenised real estate works in Switzerland, and where its promises end. The general principle, the other assets concerned and the players are presented on our page on asset tokenisation. It is part of our blockchain and tokenisation section.
How does a property become a token?
A token does not replace the property: it is a digital representation of it. Its value depends on the underlying asset, but also on the entity that issues the token and holds the asset. The token then circulates on a blockchain network.
Every tokenised asset therefore rests on three links, and real estate is no exception:
- the issuer, which creates the token and defines the rights it confers;
- the entity that holds the asset, i.e. the one that actually holds what the token represents;
- the network, the blockchain on which the token is traded. Ethereum remains the main one, with 16.6 billion dollars of tokenised assets according to Castle Labs.
The holder depends on each of these links. Moving onto a blockchain does not change the legal nature of the asset either. Access conditions, transfer restrictions and holders' rights remain decisive, as with a tokenised fund.
What status does FINMA give a real estate token?
FINMA applies existing financial market law to tokenisation, with no category reserved for real estate in the sources consulted. In its practical guide on ICOs of 16 February 2018, it classifies tokens according to their economic function and their transferability. It distinguishes three types, with hybrid forms possible:
- payment tokens: pure cryptocurrencies, which are not securities;
- utility tokens: they provide access to a digital use or service;
- asset tokens: they represent shares in real assets, companies, revenues, or an entitlement to dividends or interest payments.
A token representing a share in a company, a claim or an entitlement to revenues falls into the third category. FINMA then treats it as a security, generally with a prospectus requirement under the Code of Obligations. A real estate project that promises a share of a property's revenues must therefore be measured against this framework.
Anti-money laundering rules come on top of this classification. Activities subject to the Anti-Money Laundering Act (AMLA) require membership of a self-regulatory organisation (SRO). Finally, in 2018, FINMA noted legal uncertainty under civil law regarding the transfer of rights attached to tokens. It considered such clarity "decisive" for blockchain to establish itself durably in Switzerland.
The framework has evolved since then. In a press release of 27 November 2019, the Federal Council presented a draft intended to "increase legal certainty" for DLT-based applications. It decided against a law specific to these technologies and proposed targeted amendments to nine federal acts, in civil law as well as in financial market law. Parliament adopted this DLT Act in September 2020.
According to the Federal Council's press release of 11 December 2020, the amendments to the Code of Obligations, the Federal Intermediated Securities Act and the Federal Act on Private International Law entered into force on 1 February 2021. They allow the introduction of ledger-based securities recorded on a blockchain. Neither press release mentions real estate.
Does a tokenised real estate platform need a licence?
A platform trading tokenised securities may fall under a specific status: the trading system based on distributed ledger technology (DLT). This status is governed by the Financial Market Infrastructure Act (FMIA), in articles 73a et seq. It covers multilateral trading in DLT securities according to non-discretionary rules. FINMA is the authority responsible for granting this licence.
According to FINMA's page dedicated to this licence, it becomes necessary as soon as the platform meets at least one of three conditions:
- it admits retail clients as participants;
- it holds DLT securities in custody according to common rules;
- it clears and settles transactions in these securities according to common rules.
The system must be a legal entity under Swiss law, with its registered office and effective management in Switzerland. FINMA requires an assessment by an audit firm for all such applications. It publishes a practical guide for these applications and examines whether the planned activity falls within this framework. For a tokenised securities platform, admitting private individuals is enough to meet the first condition.
Do Swiss banks already offer tokenised real estate?
Very few institutions do. The Swiss Blockchain Survey 2026 polled 25 institutions in Switzerland and Liechtenstein in the third quarter of 2026. Our report on the Swiss Blockchain Survey gives the full details.
| Type of tokenised asset | Offered | Planned |
|---|---|---|
| All tokenised assets | 12% | 24% |
| Shares or fund units | 8% | 12% |
| Real estate or real-world assets | 8% | not reported |
| Debt instruments | 8% | not reported |
The sample is small: one institution accounts for 4 percentage points. The 8% for real estate therefore corresponds to two institutions, and no other project is reported in this category. The study does not name these institutions.
The obstacles are mainly commercial. 63% of respondents cite a lack of strategic priority or business model, and 58% weak client interest. Regulatory or compliance requirements come next, cited by 46%. Yet 32% see the tokenisation of illiquid assets as a major trend over three to five years.
What are the limits of tokenised real estate?
The first limit lies in the dependence on the three links. Tokenisation adds its own risks: dependence on the issuer, the custodian and the network. The holder must therefore assess each of them, not just the property.
The second limit concerns demand. According to the Swiss Blockchain Survey 2026, the real demand for tokenised offerings and their profitability have yet to be demonstrated. The figures published on the global market do not fill this gap: our analysis of tokenised assets on Solana points out that a market capitalisation measures the value of the assets, not their use or the number of holders.
The third limit appears when the token is used as collateral. Citi Research sees the Aave protocol as a tool for borrowing by posting a tokenised asset as collateral. A fall in the value of this collateral can then lead to its liquidation, as explained in our article on JPM Coin and Citi Research.
What should you check before buying tokenised real estate?
An investor must first know who issues the token, who holds the asset and what rights they actually obtain. The provider's status can be checked on FINMA's website, in the "Authorised institutions" and "Warnings" sections. This information does not constitute an investment recommendation.
An SME considering tokenising a property or shares must first check whether it is subject to the AMLA and whether it may require a licence. FINMA provides information to project promoters at fintech@finma.ch, before any formal application is filed.
Key figures
- 3 types of tokens distinguished by FINMA: payment, utility, asset (guide of 16 February 2018).
- 8% of the 25 institutions surveyed offer tokenised real estate or real-world assets (third quarter of 2026).
- 12% offer tokenised assets, all categories combined, and 24% are planning to.
- 32% see the tokenisation of illiquid assets as a major trend over three to five years.
- 63% cite a lack of strategic priority or business model as an obstacle.
- 3 alternative conditions make a licence as a DLT trading system necessary.
- 1 February 2021: entry into force of the provisions of the DLT Act that allow ledger-based securities recorded on a blockchain.
What we don't know yet
Several points remain open in the sources consulted for this page:
- they do not detail the rules specific to the transfer of real estate, nor how a token is legally linked to it;
- the Federal Council's press releases on the DLT Act do not say which rights linked to a property can take the form of a ledger-based security;
- the list of DLT trading systems licensed in Switzerland is not included, including on FINMA's page dedicated to this licence;
- the two institutions offering tokenised real estate or real-world assets are not named.
Sources
- 2clics.com: "Asset tokenisation: how it works, players and the Swiss framework" (23 October 2026), based on FINMA's practical guide on ICOs of 16 February 2018
- 2clics.com: "Swiss Blockchain Survey 2026: stablecoins and tokenisation lead, offerings remain rare" (21 October 2026), based on Fintechnews Switzerland
- 2clics.com: "FINMA crypto licence: which licence for which activity?" (23 October 2026), based on FINMA's pages on DLT trading systems
- 2clics.com: "Tokenisation on Solana: what the 4.3 billion dollars measured by Castle Labs tell us" (18 October 2026)
- 2clics.com: "Tokenisation: JPM Coin arrives on Ethereum, Citi Research analyses Aave" (21 October 2026)
- Federal Council: "Federal Council wants to further improve the legal framework for blockchain and DLT" (27 November 2019)
- Federal Council: "Federal Council partially brings DLT Act into force" (11 December 2020)
- FINMA: licence as a DLT trading system
