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Key Takeaways
- Commercial exchange, transfer or certain custody services for crypto assets may fall under AMLA. Depending on the model, a fintech licence under Article 1b Banking Act or a banking licence under Article 1a may also be required.
- The supervision model follows the activity. Financial intermediaries outside prudential supervision generally need SRO affiliation, while licensed institutions follow their applicable supervisory regime.
- Article 51a AMLO-FINMA sets a CHF 1,000 identification threshold for specified virtual-currency exchange transactions. Its scope and rules for linked transactions must be considered.
- Federal Supreme Court ruling 1B_59/2021 of 18 October 2021 requires expert, careful liquidation by prosecuting authorities when realising seized crypto assets.
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Who qualifies as a financial intermediary in the crypto space?
AMLA captures companies that, on a commercial basis, accept, hold, manage or assist in investing, holding or transferring third-party assets. In the crypto space, this particularly covers: exchanging payment tokens for legal tender or other crypto assets; transferring tokens for third parties (e.g. wallet providers, payment service providers); custodying crypto assets in client wallets; and banks, securities firms and portfolio managers that trade or manage crypto assets as part of their licensed activity. Pure utility tokens without a payment function generally do not trigger AMLA obligations, unless they are used de facto as a means of payment.
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What specific obligations apply to crypto businesses?
There is no free choice between SRO affiliation and direct FINMA supervision. Activities determine whether authorisation is needed, including under Article 1a Banking Act for banks or Article 1b for fintech institutions. Core AMLA duties include identifying the contracting party and beneficial owner, risk-based clarification, adequate organisation and reporting reasonable suspicion to MROS. Sanctions and embargo rules also require separate consideration.
The CHF 1,000 threshold applies to virtual-currency exchange transactions covered by Article 51a AMLO-FINMA, including linked transactions. Physical distribution and exchange against other anonymous means of payment require technical measures to prevent threshold circumvention within 30 days. This is not a general exemption for all crypto transactions or account openings.
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What did the Federal Supreme Court rule on realising seized crypto assets?
In ruling 1B_59/2021 of 18 October 2021, the Federal Supreme Court addressed how the Zurich Public Prosecutor's Office II (Cybercrime Division) may realise crypto assets seized in the course of a money-laundering investigation. The court held that the prosecuting authority must act professionally and with due care, engaging a qualified expert where the necessary know-how is not available in-house. An immediate, blanket liquidation could depress the proceeds realised, particularly for larger holdings; the lower instance was instructed to tailor the realisation to the specific circumstances and market conditions.
The practical relevance for companies is that seizures in criminal proceedings increasingly involve crypto assets, and the question of proper realisation is one that should be clarified with the authorities early on in any compliance incident.
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Frequently Asked Questions
Must a crypto wallet provider necessarily join an SRO?
Yes, provided it acts as a financial intermediary on a commercial basis and is not directly supervised by FINMA.
Does the CHF 1,000 threshold apply to all crypto transactions?
No. The threshold concerns specified exchange transactions; ongoing business relationships remain subject to general identification duties. The specific 30-day rule for physical distribution and other anonymous means of payment is not a universal monthly transaction limit.
What happens in the case of reasonable suspicion of money laundering?
The financial intermediary must report immediately to MROS and, under certain conditions, may not terminate the business relationship in the meantime.
Are decentralised protocols (DeFi) covered by AMLA?
This depends on the individual case; what matters is whether an identifiable person acts as a financial intermediary on a commercial basis. Purely automated, uncontrolled protocols raise unresolved delineation questions in this respect.
What does the planned FinIA reform mean for stablecoin issuers' AML obligations?
The proposal also addresses AML duties for stable cryptobased means of payment. Proposed monitoring, blocking and control mechanisms are reform elements. A consultation does not repeal existing obligations.
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Practical next steps
Companies active in the crypto space should periodically review their AMLA status, their threshold practices and their internal guidelines – particularly in light of the ongoing regulatory reforms.
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Related articles
Related reading: Swiss Crypto Regulation: Token Classification in 2026, ICO Switzerland: Token Launch and Legal Duties in 2026, Crypto Asset Management Switzerland: Licensing and Custody, FinIA Reform 2026: Stablecoins and Crypto Institutions.
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Discuss your project
Martin Liebi advises companies on Swiss crypto regulation. Arrange an initial conversation.
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