01
Selling cryptoassets into Switzerland: key points
- Cross-border offerings must be assessed case by case; token classification, client segment and distribution activity determine the obligations.
- A permanent staff or organisational presence in Switzerland may trigger additional authorisation or representation issues.
- Asset tokens that qualify as securities generally require a prospectus for a public offering.
- A key information document is also required when selling to retail investors.
02
Can I sell payment tokens into Switzerland without further requirements?
There is no blanket answer. Anti-money laundering law, token classification, target clients, advertising, financial services and any permanent presence in Switzerland must be assessed in particular. Any facilitation also ceases to apply where misleading or fraudulent practices are involved. If the activity establishes a form of permanent presence in Switzerland, authorisation and licensing requirements may be triggered.
03
Does this also apply to utility tokens?
Pure utility tokens may trigger fewer financial market requirements. As soon as investment, payment or financial service features are added, the cross-border assessment must be carried out again.
04
What applies to asset tokens that qualify as securities?
Asset tokens in the form of securities may be offered publicly cross-border into Switzerland if a Swiss or equivalent prospectus is available, unless an exemption applies. Asset tokens that are financial instruments but not securities may be sold cross-border if the applicable product information obligations are met. If the offering is addressed to retail investors, the issuer must also prepare a key information document, which the provider makes available.
Asset tokens that merely represent ownership of an underlying physical asset are not subject to additional restrictions when sold cross-border.
05
What applies to the distribution and sales activity itself?
Distribution activities involving cryptoassets may constitute a financial service and are then subject to more extensive disclosure, information and documentation duties, unless the activity takes place solely at the client’s initiative under reverse solicitation. The person dealing directly with the client and carrying out the sales activity generally must be entered in the client adviser register, unless that person acts for an appropriately regulated foreign company solely in dealings with professional and institutional clients.
06
Frequently asked questions
What does reverse solicitation mean? It means that the client approaches the provider independently and without being prompted, rather than the other way around. Reduced disclosure obligations apply in that case.
Do I need a key information document for sales to professional clients? No. This requirement applies only to distribution to retail investors.
What happens if I employ permanent staff in Switzerland? The facilitation available for purely cross-border sales ceases to apply, and authorisation and licensing requirements may arise.
Do I need to register personally as a seller? Generally yes if you deal directly with Swiss clients; exemptions apply to appropriately regulated foreign providers dealing with professional clients.
Does the same prospectus standard apply to all cryptoassets? No. Only asset tokens that qualify as securities generally trigger a prospectus requirement; different and usually less extensive information duties apply to financial instruments that are not securities.
Primary sources