01
RWA tokenisation in Switzerland: key points
- RWA projects are treated like any other digital or traditional project.
- The decisive question is whether the token is classified as a physical asset, real estate, or a security or financial instrument.
- Issuing a token does not automatically trigger a particular authorisation; however, the rights, offering, trading, custody and underlying asset may create obligations.
- RWA projects benefit from the Swiss DLT framework but require sound structuring under civil and financial market law.
02
Does Switzerland have specific rules for RWA tokenisation?
No. Real-world asset projects are treated like any other project, whether digital or traditional. The precise structure of the token is always decisive.
03
How is an RWA token classified legally?
It must be assessed whether the token should be treated like the underlying physical asset, like real estate, or like a security or financial instrument, such as a share, bond or unit in a collective investment scheme. The specific features of the RWA determine the correct classification; an RWA token is therefore treated either as a financial instrument or as the underlying physical asset.
04
Does issuing an RWA token automatically trigger obligations?
Not automatically. Whether obligations arise depends on the rights represented, the token’s status as a security, the form of the offering, trading, custody and the underlying asset. Regulatory obligations arise from the specific structure and resulting legal classification, not from tokenisation alone. The DLT Act provides legal certainty but does not replace an assessment of the underlying asset, investor rights and the services involved.
05
Frequently asked questions
Do I need authorisation to tokenise real estate? Not necessarily for the tokenisation itself; the legal classification of the resulting token is decisive.
What happens if my RWA token qualifies as a security? The same obligations apply as to traditional securities, including a potential prospectus requirement.
Is there a difference between RWA tokens and asset tokens? RWA tokens are a subcategory of asset tokens whose underlying value is a real, physical asset.
Can works of art or commodities be tokenised in Switzerland? Yes, in principle almost any asset can be tokenised, provided its legal classification is properly established.
How quickly can an RWA project be implemented in Switzerland? Because issuing a token does not itself require authorisation, implementation is generally significantly faster than for traditional financial projects subject to licensing.
Primary sources