Swiss Crypto Regulation: Token Classification in 2026

Key Takeaways

FINMA distinguishes between payment, utility and asset tokens – this classification determines which law applies.
Security tokens and services involving financial instruments may fall under FMIA, FinIA and FinSA. The required authorisation depends on the platform's activities; the DLT trading facility category has existed since August 2021.
Ledger-based securities under Articles 973d et seq. of the Swiss Code of Obligations have enabled rights to be represented in a qualifying electronic register since February 2021.
Anyone trading or custodying crypto assets should have their activity classified before going to market, not afterwards.

What token categories does FINMA distinguish?

Since its 2018 ICO guidelines, FINMA has classified tokens primarily by their economic function rather than their technical label. What matters is what a token actually promises its holder.

Payment tokens (e.g. Bitcoin) serve purely as a means of payment or exchange and create no claim against an issuer. Utility tokens grant access to a digital service or application. Asset tokens economically represent a share in future earnings or company value – comparable to a share, bond or derivative. In practice, hybrid tokens combining several functions are increasingly common; each function is then subjected to the corresponding rules.

The regulatory assessment should be documented before launch. A FINMA enquiry can be useful for unclear or complex models. Any response relates to the facts presented and is not a general product approval.

What has changed since FinSA and FinIA came into force?

FinSA and FinIA entered into force on 1 January 2020, partly subject to transition periods. The classification of a token as a security or financial instrument and the activity performed must be assessed separately. Customer trading, portfolio management or fund management may require a licence. Merely offering an issuer's own tokens does not automatically require FINMA authorisation.

FMIA also matters for platforms. Multilateral trading under non-discretionary rules may require authorisation as an exchange, multilateral trading facility or DLT trading facility. An organised trading facility is not a standalone licence category; specific requirements apply to its operator.

What does the DLT Act bring to crypto trading?

The DLT legislation entered into force in stages: ledger-based securities rules on 1 February 2021, followed by the other main provisions, including DLT trading facilities, on 1 August 2021.

A ledger-based security under Articles 973d et seq. of the Code of Obligations is entered under a registration agreement in a register meeting statutory requirements. A DLT trading facility under Articles 73a et seq. FMIA may combine multilateral trading with custody or settlement and admit retail participants directly. Minimum capital depends on services and small-facility status; CHF 500,000 is not a universal flat requirement for every small facility.

For custody, Article 16 item 1bis together with Article 37d of the Banking Act and Article 242a of the Debt Enforcement and Bankruptcy Act are particularly relevant. Client allocation and statutory availability requirements determine insolvency protection. Recording assets on a blockchain alone does not establish that protection.

Frequently Asked Questions

Is Bitcoin a security under Swiss law?

No. Bitcoin qualifies as a pure payment token with no issuer relationship and does not fall under securities law. However, anti-money laundering obligations might apply once it is traded on a commercial basis.

When does a token project need a FINMA licence?

Authorisation depends on the activity and structure, including customer trading, portfolio management, taking public deposits or collective investment. Issuing an asset token alone does not automatically require a FINMA licence. Offering and documentation obligations require a separate assessment.

What is the difference between a traditional security and a ledger-based security?

A ledger-based security is entered by agreement in a legally compliant securities ledger and may be exercised and transferred only through that ledger. No physical certificate is needed. Not every technically issued token meets the statutory conditions.

Can non-banks obtain a DLT trading facility licence?

Yes. That is one of the main purposes of the new category – it is open to fintech companies as well as established financial institutions.

What happens to my custodied crypto assets if the custodian becomes insolvent?

Following the revision of the Banking Act and the Debt Enforcement and Bankruptcy Act, properly individualised crypto-based assets can be segregated from the bankruptcy estate, provided the statutory requirements are met.

Practical next steps

Companies active in crypto trading or building a DLT trading platform should have their tokens and business models classified early – ideally before the first client outreach.

Discuss your project

Martin Liebi advises companies on Swiss crypto regulation. Arrange an initial conversation.

Primary sources

Official sources for this article

FINMA – ICO guidelines2018-02-16 FINMA – DLT trading facilities2026-09-20 SIF – DLT / Blockchain2026-09-20