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Key Takeaways
- Commercial portfolio management involving financial instruments may require a FINMA licence under FinIA and ongoing supervision by a supervisory organisation. Pure crypto assets without financial-instrument status require a separate assessment; AMLA duties may still apply.
- Supervisory organisations (SOs) for licensed portfolio managers and self-regulatory organisations (SROs) for AML supervision perform different roles. An additional SRO affiliation is not universally required for every licensed manager.
- Collective investment schemes with a crypto focus are additionally subject to the Collective Investment Schemes Act (CISA).
- Custody and staking require consideration of FINMA Guidance 08/2023 and 01/2026 and the custodian's actual insolvency protections.
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What has changed for portfolio managers since FinSA/FinIA?
FinIA and FinSA have applied since 1 January 2020. Existing portfolio managers generally had to file their licence application by 31 December 2022; there was no blanket deadline for all procedures to finish in 2023. Licensed portfolio managers are generally subject to ongoing supervision by an SO.
For crypto mandates, both the asset and the activity matter. Commercial management of financial instruments may fall under FinIA. Management limited to pure payment tokens requires separate analysis of AMLA status, control over assets and custody arrangements. SRO affiliation does not replace a required prudential licence.
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How are crypto funds and collective investments treated?
Crypto-focused collective investment schemes must be assessed under CISA and its implementing rules. Legal form, investors, investment strategy and custody determine product and management requirements. Special regimes such as the L-QIF have their own conditions and do not create a general exemption for small investor groups. Direct crypto investment must be assessed for the particular fund category.
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What should be considered when custodying crypto assets for clients?
Custodian due diligence should address client allocation and insolvency protection under Article 16 item 1bis together with Article 37d Banking Act or Article 242a of the Debt Enforcement and Bankruptcy Act. FINMA Guidance 01/2026 further clarifies requirements for third-party custodians. Supervision, technical expertise and insolvency safeguards must be assessed; narrowly defined exceptions for certain existing arrangements require documented client information and consent.
A further point concerns staking: in its Supervisory Communication 08/2023 of 20 December 2023, FINMA noted that staked assets may raise uncertainties regarding segregation in the event of insolvency, and set out expectations regarding risk mitigation and disclosure to clients. A formal additional capital charge is not generally envisaged, provided institutions meet these expectations. Portfolio managers offering or arranging staking services should adjust their client documentation accordingly.
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Frequently Asked Questions
Does an existing portfolio manager need to formally extend its FinIA licence to also manage crypto assets?
There is no blanket answer. Changes to facts underlying a licence must be notified to the SO in advance and may require FINMA approval. New crypto services should therefore be assessed with the SO before launch.
Does the licensing requirement also apply to pure investment advice with regards to crypto assets in the form of financial instruments without a management mandate?
No, pure advice with regards to crypto assets in the form of financial instruments without a portfolio management mandate does not fall under FinIA, but may trigger other obligations, particularly under FinSA.
What applies to foreign portfolio managers with Swiss clients?
Cross-border services can be permitted. FinSA obligations, potential client-adviser registration and exemptions, the target investor group and any Swiss presence require separate assessment.
Is staking a licensable activity?
Staking as such is not inherently subject to licensing, but custodial staking can trigger due-diligence, disclosure and, in some cases licensing obligations as FinTech enterprise according to Art. 1b BankA or as ordinary bank according to Art. 1a BankA.
Can crypto assets be held in traditional investment funds?
This depends on the fund category, investor group and investment method. Direct holdings must be distinguished from indirect exposure through financial instruments. Applicable investment, diversification, valuation and custody rules determine eligibility.
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Practical next steps
Portfolio managers who manage or arrange custody of crypto assets for clients should regularly review their licensing status, their SO affiliation and their custodian due diligence – particularly for new services such as staking.
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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 AML Switzerland: Obligations for Crypto Businesses, 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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