01
New crypto laws in Switzerland: key points
- The consultation on the revision of FinIA ended on 6 February 2026; the proposed rules are not yet in force.
- The fundamental regulatory framework is not expected to change materially.
- The areas primarily affected are trading payment tokens for clients, issuing stablecoins and providing payment services.
- A new and attractive authorisation category could be created for issuing fiat-backed stablecoins.
02
Is Swiss crypto regulation facing major upheaval?
No, not in substance. Switzerland has conducted a comprehensive consultation on revising its digital asset regime. The detailed form of the legislation has not yet been determined, but one point is already clear: the basic regulatory framework will not change materially.
03
What will change when payment tokens are traded for clients?
Trading payment tokens on behalf of clients will probably be subject to stricter requirements, potentially in conjunction with a new licence category. It remains open whether supervision will continue at the level of self-regulatory organisations or move directly to FINMA.
04
What will change when stablecoins are issued?
The consultation draft proposes a new authorisation framework for certain payment instruments and stablecoins. The Federal Council and Parliament will decide whether and in what form it becomes law. The draft contains specific requirements on client money protection, anti-money laundering controls and organisation; the final requirements will be known only after the legislative process has been completed. The new category could therefore become a particularly attractive format for issuing fiat-backed stablecoins.
05
Will payment services be regulated more extensively in future?
Possibly. Providing payment services may become subject to additional regulation and obligations.
06
How can I prepare for the new regulation now?
Even before the final rules are known, it is worthwhile to review the business model early. Anyone currently active in payment-token trading, stablecoin issuance or payment services, or planning to enter these markets, should structure the business so it can adapt to the future regime instead of requiring a fundamental redesign later.
07
Frequently asked questions
When are the new rules expected to enter into force? No specific date has been set. The consultation forms the basis for the next stages of legislation.
Will FINMA directly supervise all crypto service providers in future? This remains open. The SRO model may be retained, or supervision may move directly to FINMA.
Does the reform also affect utility and asset tokens? The known changes focus on payment-token trading, stablecoins and payment services, not utility or asset tokens as such.
Will it become easier or more difficult for stablecoin issuers? The aim is a more tailored framework. Whether it is simpler or stricter for a specific model will depend on the final legislation.
Should I wait for the new rules before launching my project? Not necessarily. A forward-looking structure can usually be designed to remain viable under the new regulation.
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