A Swiss tokenization platform should first be compared on its status with the Swiss Financial Market Supervisory Authority (FINMA). A platform for the multilateral trading of tokenized securities may need authorisation as a trading system based on distributed ledger technology (DLT). Next come the assets accepted, custody of the tokens, costs and exit conditions.
This detail page answers a single question: how to compare the offerings. The principle, the players and the general framework are presented on our page on asset tokenization. It is part of our blockchain and tokenization section.
What FINMA status should a platform display?
The status depends on what the platform does, not on its name. FINMA assesses each token according to its economic function and distinguishes three types: payment, utility and investment. It treats a token that represents a share or a bond as a security.
Several levels of supervision coexist, according to FINMA:
- providing digital wallets and trading virtual currencies fall under the Anti-Money Laundering Act (AMLA), with membership of a self-regulatory organisation (SRO);
- the FinTech licence allows a firm to accept public deposits of up to 100 million francs, or crypto-assets, without investing them or paying interest on them;
- banking and securities firm licences cover activities that go beyond this lighter framework;
- a multilateral platform for tokenized securities requires authorisation as a DLT trading facility.
The check is done on FINMA's website. Its "Authorised institutions" and "Warnings" sections make it possible to verify the status claimed by a provider. A European licence is not enough. The passport under the European Markets in Crypto-Assets Regulation (MiCA) covers the European Economic Area, of which Switzerland is not a member.
When is authorisation as a DLT trading facility required?
This status covers platforms for securities recorded on a distributed ledger. It is governed by the Financial Market Infrastructure Act (FMIA), Chapter 4a, Articles 73a et seq. It allows multilateral trading between several participants, according to non-discretionary rules.
According to FINMA, any one of these three conditions is enough to make authorisation necessary:
- the platform admits retail clients as participants;
- it holds DLT-based securities in custody according to common rules and procedures;
- it clears and settles transactions in these securities according to common rules and procedures.
The formal requirements are clear-cut. The operator must be a legal entity under Swiss law, with its registered office in Switzerland and effective management from Switzerland. FINMA requires a review by an audit firm for all such applications. It publishes a practical guide and agrees to have a project presented to it before any application is filed, at fintech@finma.ch.
The Swiss DLT framework rests on an amending act, not on a specific law. On 27 November 2019, the Federal Council proposed targeted amendments to nine federal acts. Parliament adopted the bill in September 2020. Ledger-based securities recorded on a blockchain came into force on 1 February 2021; the other provisions were announced for 1 August 2021.
What assets does a tokenization platform accept?
The Swiss offering remains narrow, whatever the asset. The Swiss Blockchain Survey 2026 by the University of St. Gallen (HSG) surveyed 25 institutions in Switzerland and Liechtenstein in the third quarter of 2026. Our report on the Swiss Blockchain Survey 2026 gives the details.
| Type of tokenized asset | Offered | Planned |
|---|---|---|
| All tokenized assets | 12% | 24% |
| Shares or fund units | 8% | 12% |
| Real estate or real-world assets | 8% | not reported |
| Debt instruments | 8% | not reported |
| Other assets or rights | 4% | 8% |
The sample is small: one institution accounts for 4 percentage points.
Each asset raises its own questions. For an SME, our page on how to tokenize the shares of a public limited company (SA) details the steps. For bricks and mortar, our page on real estate tokenization in Switzerland describes its limits.
The token's legal model matters as much as the asset. Since 1 February 2021, Swiss law has recognised ledger-based securities recorded on a blockchain. Other products are certificates. At Coinbase, each token represents a certificate issued by a dedicated vehicle, as our article on tokenized shares according to Token Terminal points out.
Who holds the tokens and the underlying asset?
Custody is assessed across three links. The issuer creates the token, an entity holds the underlying asset, and a network circulates the token. The holder depends on each of them, and not only on the asset.
Custody according to common rules is one of the triggers for authorisation as a DLT trading facility. Knowing who holds the tokens, the platform or a third party, is therefore part of the comparison.
The Coinbase example shows what is at stake. The underlying shares are held by the broker Alpaca, in segregated accounts in the issuer's name. Dividends are not paid directly to holders: they are reinvested, after deductions and fees.
The custodian's status also changes client protection. If an institution holding a FinTech licence goes bankrupt, client funds are neither privileged nor covered by deposit insurance. According to FINMA, prospective clients must be informed of this.
Finally, the network matters. Ethereum remains the leading one, with 16.6 billion dollars of tokenized assets according to Castle Labs, against 4.3 billion for Solana. Our analysis of tokenization on Solana points out that a capitalisation measures the value of the assets, not their use.
How much does a tokenization platform cost in Switzerland?
None of the sources consulted publishes platform pricing. They do, however, make it possible to identify what drives the bill. The first factor is the role chosen: issuing tokens on an existing platform, or operating a platform oneself.
For the issuer, the cost depends on the services selected and on the information owed to investors. An investment token generally entails obligations under the Code of Obligations, such as a prospectus. Anti-money laundering rules also impose due diligence obligations, such as identifying the beneficial owners.
For the operator, the burden is heavier. The authorisation procedure is subject to fees, governed by the FINMA Fees and Charges Ordinance. A review by an audit firm is mandatory. The duration depends on the complexity of the project, as well as on the quality and completeness of the application.
How do you exit a platform and resell your tokens?
Exit is the least documented criterion. The sources consulted do not describe the exit rules of Swiss platforms. The market for tokenized shares does, however, point to several areas of caution:
- liquidity has yet to be built in a market described as emerging;
- access depends on the country of residence: one offering described by Journal du Coin is reserved for eligible users outside the United States;
- counterparty risk lies with the token issuer and the custodian of the underlying securities;
- the holder's rights are not necessarily those of a direct shareholder.
According to Journal du Coin, players will need to offer clear rights, reliable custody and means of recourse in order to scale up.
Which criteria should you compare from one platform to another?
| Criterion | Question to ask | Benchmark in the sources |
|---|---|---|
| FINMA status | Is the provider listed among the authorised institutions? | FINMA's "Authorised institutions" and "Warnings" sections |
| DLT trading facility | Does it admit retail clients, or hold or settle DLT-based securities? | One condition out of three is enough (FMIA, Art. 73a et seq.) |
| Assets accepted | Shares, fund units, real estate or debt? | 8% of the 25 institutions surveyed for each of these categories |
| Legal model | Registered ledger-based security or certificate? | Ledger-based securities recognised since 1 February 2021 |
| Custody | Who holds the token and the underlying asset? | Three links: issuer, custodian, network |
| Costs | Does the quote separate issuance, custody and trading? | No pricing published in the sources consulted |
| Exit | Where and on what terms can the token be resold? | Liquidity still to be built |
Key figures
- 3 alternative conditions make authorisation as a DLT trading facility necessary.
- 1 February 2021: entry into force of ledger-based securities recorded on a blockchain.
- 100 million francs: ceiling on public deposits under a FinTech licence.
- 12% of the 25 institutions surveyed offer tokenized assets, 24% plan to (third quarter of 2026).
- 16.6 billion dollars of tokenized assets on Ethereum, 4.3 billion on Solana, according to Castle Labs.
What we don't know yet
- The list of DLT trading facilities authorised in Switzerland: the sources consulted do not give it.
- Platform pricing and the amount of FINMA's fees, which its page does not quantify.
- The exit rules and the liquidity of tokens traded on Swiss platforms.
- The institutions offering tokenized assets, which the Swiss Blockchain Survey 2026 does not name.
This information describes a regulatory framework and does not constitute an investment recommendation.
