01
Swiss crypto licences: key points
- There are no generally guaranteed processing times for SRO affiliation or FINMA authorisations; duration and effort depend on the business model and the quality of the application dossier.
- A fintech or banking authorisation is considerably more demanding than SRO affiliation and requires a complete organisational, capital and control dossier.
- Several regulatory sandboxes allow a business to start without a licence as long as specified thresholds are observed.
- The appropriate licence category depends solely on the specific activity, not on the token used.
02
How long does a straightforward SRO registration take?
A straightforward anti-money laundering affiliation with a self-regulatory organisation (SRO) is often sufficient for payment and trading services involving payment tokens and asset tokens that are financial instruments but not securities, as well as for lending and omnibus custody of securities. Duration and costs depend on the relevant SRO, complexity, dossier quality and any required revisions; there is no reliable standard timeframe.
03
When do I need a fintech or banking licence?
Anyone holding payment tokens in omnibus custody requires authorisation as a fintech company or bank. Anyone who also engages in fractional reserve banking requires a banking licence. These procedures are considerably more demanding: the duration depends in particular on complexity, dossier quality, the audit firm and FINMA’s follow-up questions and cannot responsibly be expressed as a standard timeframe.
04
Are there ways to avoid or defer licensing?
Yes. Switzerland has several regulatory sandboxes that permit a testing phase without prudential supervision:
- One sandbox permits the acceptance of public deposits up to CHF 1,000,000, provided the disclosures required by law are made and the threshold is not exceeded.
- DLT trading facilities have their own FINMA authorisation; it is not the same as the sandbox regime under banking law.
- The de minimis exemption under anti-money laundering law is used most frequently. It applies if all of the following thresholds are met cumulatively in each calendar year:
- less than CHF 50,000 in gross revenue,
- fewer than 20 clients,
- less than CHF 2 million in transaction volume, and
- control over less than CHF 5 million in third-party assets.
05
What additional rules apply to securities and financial instruments?
Cryptoassets that qualify as securities or financial instruments may trigger additional authorisation requirements. A person trading securities in its own name for clients requires authorisation as a securities firm. A person managing financial instruments under a power of attorney may require authorisation as an asset manager.
06
What costs arise in the authorisation process?
Depending on the procedure, FINMA or SRO fees, audit firm costs and expenditure on legal advice, organisation, capitalisation, IT controls and documentation must be taken into account. A responsible cost estimate requires a clearly defined business model.
The more complete the dossier and the clearer the description of responsibilities, capital flows and control processes, the lower the risk of costly revisions.
07
Frequently asked questions
Which is less expensive: SRO registration or a fintech licence? SRO registration requires significantly less time and money than a fintech or banking licence.
Can I operate permanently without a licence under the de minimis exemption? Only while all four thresholds are met cumulatively. If even one is exceeded, the exemption ceases to apply.
Do I need a licence for pure proprietary trading? No. Trading for one’s own account generally does not require authorisation.
How long does a banking licence for fractional reserve banking take? The full process may take up to two years.
Can I obtain legal certainty about my classification in advance? Yes, by requesting a no-action letter from FINMA; further information is available in the article on planned regulatory changes.
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