Cryptocurrency in Switzerland: FINMA Licences & Banking

Switzerland has established itself as one of the world's most progressive jurisdictions for cryptocurrency and blockchain technology. The country's clear regulatory framework, favorable tax treatment for private investors, and supportive government stance have created an environment where digital assets can flourish within a structured legal system. This guide provides a comprehensive overview of how to buy, store, and trade cryptocurrency in Switzerland, the tax implications for individuals and businesses, and the regulatory landscape shaped by FINMA and Swiss federal law.

"Switzerland's approach to cryptocurrency regulation demonstrates that innovation and compliance can coexist. The DLT Act and FINMA's principle-based supervision create a framework where businesses can operate with legal certainty while investors benefit from clear tax treatment and consumer protection. After two decades working with Swiss corporate structures, I've seen how this regulatory clarity attracts serious blockchain projects seeking long-term stability rather than regulatory arbitrage." — Markus Pritzker

Switzerland's position as a global crypto hub is supported by concrete evidence. According to industry reports, the canton of Zug alone hosts over 1,200 blockchain companies, including the Ethereum Foundation and Cardano Foundation. The country consistently ranks in the top five globally for crypto infrastructure, innovation, and regulation.

How to buy, store and trade cryptocurrency in Switzerland: complete guide

Purchasing and trading cryptocurrency in Switzerland requires working with regulated providers who comply with Swiss Anti-Money Laundering Act (AMLA) requirements and FINMA supervision. The process involves selecting a platform, completing identity verification, depositing funds, executing trades, and choosing appropriate storage solutions.

Step 1: choosing a platform (crypto exchange)

Swiss cryptocurrency exchanges and banks

Switzerland offers both domestic crypto-specific platforms and traditional banks that provide digital asset services. Domestic providers operate under FINMA supervision or through membership in self-regulatory organizations (SROs), ensuring compliance with anti-money laundering standards.

SwissBorg operates as a mobile-first platform with support for over 70 cryptocurrencies and fiat currencies including CHF, EUR, and USD. The platform charges exchange fees plus a membership-dependent spread of 0.5–1.5%, with CHF withdrawals processed via bank transfers at fees determined by the banking partner — SwissBorg Help Center (2025).

Bitcoin Suisse provides spot crypto custody and brokerage services for BTC, ETH, and over 100 tokens, alongside fiat accounts in CHF, EUR, and USD. The company offers bank-grade custody and publishes a detailed fee schedule covering trading spreads, commissions, and CHF withdrawal costs via bank transfer (Bitcoin Suisse AG, 2024).

SEBA Bank operates as a fully licensed Swiss bank offering custody for 70+ tokens, trading services, and complete banking functionality with CHF, EUR, and USD accounts. SEBA's pricing schedule details tiered trading commissions and CHF outgoing bank transfer fees (SEBA Bank AG, 2024).

Both SEBA Bank and Sygnum Bank received FINMA banking and securities-dealer authorizations in August 2019, making them the first regulated banks specifically designed for digital assets. SEBA provides custody, trading, asset management, tokenization services, and traditional banking operations. Sygnum offers similar services including custody, brokerage, token issuance, institutional asset management, and deposit/lending services through regulated banking interfaces (FINMA press release, August 2019; company corporate materials, 2019–2025).

International exchanges available in Switzerland

The key distinction between international platforms and Swiss-licensed entities lies in regulatory oversight and native CHF support. Swiss platforms like SEBA, Sygnum, and SIX Digital Exchange hold Swiss banking or FINMA licenses, enabling direct CHF settlement and broader regulated custody and tokenization services under Swiss supervision.

Step 2: verification process (KYC)

Disclaimer: Customer identification and anti-money laundering procedures are regulatory requirements. This information is for general guidance only and does not replace professional advice.

Swiss crypto platforms must perform customer identification under the Swiss Anti-Money Laundering Act (AMLA) and FINMA guidance. The verification process requires official ID documents (passport or national ID card) and proof of residence (utility bill or bank statement). For corporate clients, additional documentation includes certificates of incorporation, commercial register extracts, lists of directors and beneficial owners, and source-of-funds documentation when enhanced due diligence applies — FINMA AMLA guidance (2018–2024).

FINMA requires crypto service providers to identify and verify beneficial owners—the natural persons who own or control the client entity—and record ownership structures before commencing business relations. Risk-based due diligence applies standard customer due diligence (CDD) for ordinary clients and enhanced due diligence (EDD) for high-risk cases, including politically exposed persons, complex ownership structures, and high transaction volumes (AMLO-FINMA amendments; FINMA supervisory expectations, 2020–2024).

The customer identification threshold for crypto exchange transactions was reduced to CHF 1,000 under AMLO-FINMA amendments effective 2021. This threshold applies to financial intermediaries handling crypto assets and requires transaction monitoring and reporting obligations for amounts exceeding the limit — FINMA guidance on DLT/crypto services (2018–2024).

Step 3: depositing funds in CHF/EUR

Swiss crypto platforms accept SEPA bank transfers for EUR deposits, with funds typically received within 1–2 business days — Dukascopy Bank SA, Funding Facilities page (2025).

Card payments via Visa, Mastercard, Maestro, and Visa Electron are accepted by platforms such as Dukascopy, with a maximum allowed amount for card transfers of USD 18,000 (or equivalent). First-time funding flows through the trader portal, and card crediting is typically instant or near-instant depending on the payment processor — Dukascopy Bank SA, Funding Facilities and FAQ (2025).

Cryptocurrency-to-fiat on-ramps allow immediate conversion of stablecoins or other crypto assets to CHF on exchanges. Platforms like OKX provide USDT-to-CHF conversion markets with real-time settlement, though timing depends on on-chain confirmations and internal exchange processing — OKX, Tether (USDT) to CHF page (2025).

Step 4: buying, trading and choosing a wallet (digital wallet)

After depositing funds, users can execute trades on licensed exchanges or trading venues that follow FINMA oversight. Trades are executed after cleared deposits reflect in the account, and matching engines or over-the-counter (OTC) agreements settle the transaction (FINMA publications on trading venues, 2023–2024).

Custody options divide into two categories: custodial and self-custodial (non-custodial) solutions.

Custodial storage means the platform or bank controls the private keys and executes transactions on behalf of the user. Regulated custodial providers in Switzerland must segregate client assets, implement safekeeping controls, and maintain insurance per FINMA custody and outsourcing guidance. Examples include Coinbase Custody and Binance custodial wallets, where the service provider manages keys and performs transactions for the user (Binance Academy glossary, 2023; FINMA circulars/guidance, 2022–2024).

Self-custodial (non-custodial) storage means the user controls the private keys directly. Hot wallets store keys online (e.g., MetaMask, a browser-based software wallet), while cold wallets store keys offline (e.g., Ledger Nano, a hardware wallet). FINMA warns that self-custody requires users to manage operational and legal risks independently, including the risk of key loss or theft (FINMA investor guidance, 2022–2024; CoinMarketCap Academy glossary, 2023).

The choice between custodial and self-custodial storage depends on the user's risk tolerance, technical capability, and the size of holdings. Custodial solutions offer convenience and institutional-grade security but require trust in the provider. Self-custodial solutions provide full control but place the burden of security and backup on the user.

Taxation of cryptocurrencies (crypto tax) in Switzerland: key benefits and rules

Disclaimer: This information is for general guidance only and does not replace professional advice. For tax matters, consult a qualified tax specialist.

Switzerland's tax treatment of cryptocurrencies is governed by the Swiss Federal Tax Administration (FTA/ESTV) and applies existing tax law principles to digital assets. The framework distinguishes between private investors and professional traders, with significant tax advantages for individuals who manage their own assets without engaging in professional trading activity.

Official guidance: The Swiss Federal Tax Administration provides authoritative guidance on the taxation of cryptocurrencies and tokens. The official FTA page "Taxation of cryptocurrencies and tokens" (updated 2023) is available at: Swiss Federal Tax Administration — Taxation of cryptocurrencies and tokens

Taxes for private investors

Capital gains tax: when is it 0%?

Private investors in Switzerland do not pay income tax on capital gains realized from the sale of cryptocurrencies when the activity qualifies as private asset management. This exemption applies to individuals who hold crypto assets as part of their private wealth and do not engage in professional trading.

The distinction between a private investor and a professional trader is determined by four simultaneous criteria established by Swiss tax authorities:

1. Holding periods: Securities and crypto assets must be held for a minimum of six months before resale.
2. Transaction volume: Total purchases and sales must not exceed five times the investment capital at the start of the tax year.
3. Main income: Investment gains must not exceed 50% of gross income and must not cover living expenses.
4. Financing: The investor must use own funds, or taxable income (interest and dividends) must exceed interest costs on third-party capital.

If an individual meets all four criteria, capital gains from cryptocurrency sales remain tax-free. If any criterion is not met, the individual may be classified as a professional trader, and capital gains become taxable as ordinary income at federal and cantonal rates (Swiss Federal Tax Administration guidance; cantonal tax practice, 2022–2025).

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Wealth tax

Cryptocurrencies are classified as movable property and must be declared as part of taxable wealth in annual tax returns. Swiss residents pay cantonal and municipal wealth tax on the market value of their crypto holdings as of December 31 each year. Wealth tax rates vary by canton, with combined cantonal and municipal rates typically ranging from 0.3% to 1.0% depending on the jurisdiction and the taxpayer's total net wealth (Swiss Federal Tax Administration; cantonal tax rules, 2023–2025).

To declare crypto assets for wealth tax purposes, taxpayers must convert their holdings to Swiss francs using the official exchange rates published by the Swiss Federal Tax Administration. The FTA publishes annual currency rates (Tabellen der Wechselkurse) on its website, and taxpayers must use the year-end (December 31) rates from that table for conversion. The CHF value is then reported in the cantonal wealth tax declaration for the tax year (FTA/ESTV annual tax valuation rules; FTA/ESTV publication).

For example, an individual holding CHF 50,000 in cryptocurrency on December 31 must enter CHF 50,000 as part of taxable movable assets (wealth) on the cantonal/municipal tax form under "financial assets / securities / other movable property" for the tax year, using the December 31 valuation in CHF (Cantonal tax return instructions, 2024–2025).

Income tax

Income tax applies to cryptocurrency-related income that does not qualify as capital gains. This includes:

• Mining rewards: Income from mining activities is taxable as self-employment income or business income, depending on the scale and organization of the operation.
• Staking rewards: Rewards received from staking are generally treated as taxable income in the year of receipt.
• Lending income: Interest or fees earned from lending crypto assets are taxable as investment income.
• Airdrops: Tokens received through airdrops are taxable as income at their market value on the date of receipt.

Taxpayers must convert crypto income to CHF at the date of receipt and report it in their annual tax return. The income is taxed at ordinary federal and cantonal income tax rates, which vary by canton and the taxpayer's total income (SFTA guidance; cantonal tax rules, 2023–2025).

Taxes for legal entities (brief overview)

Cryptocurrency operations by legal entities (corporations, foundations) are subject to corporate income tax and capital tax.

Corporate income tax: Profits from cryptocurrency trading, mining, or services are included in the taxable income base and subject to federal corporate income tax at an effective rate of 7.83% (federal tax on profit after tax) plus cantonal and municipal corporate income taxes. Combined effective corporate tax rates vary by canton, typically ranging from 11% to 21% in 2024–2025. For example, the canton of Zug offers one of the lowest combined effective rates, while other cantons may have higher rates depending on local tax policies (Swiss Federal Tax Administration; cantonal rate tables, 2024–2025).

Capital tax: Swiss cantons levy capital tax on the net equity of companies. The tax base and rate vary by canton, and crypto assets held by the company are included in the net equity calculation at their balance sheet value. There is no federal capital tax; the obligation is purely cantonal (FTA corporate tax pages; cantonal tax offices, 2024–2025).

For detailed guidance on corporate tax treatment of crypto assets, businesses should consult the Swiss Federal Tax Administration and cantonal tax authorities.

How are NFTs taxed in Switzerland?

Disclaimer: This information is for general guidance only and does not replace professional advice. For tax matters, consult a qualified tax specialist.

Swiss tax authorities treat NFTs case-by-case. NFTs can be taxed under VAT when supplied in Switzerland and as income or wealth depending on whether the activity is professional. Fungible cryptocurrencies (e.g., Bitcoin) are classified as assets or currencies with explicit guidance on wealth tax, income (realized private capital gains generally tax-exempt), and VAT exemptions for payment tokens—leading to different VAT treatment and case-specific income classification for NFTs versus more standardized rules for Bitcoin (Swiss Federal Tax Administration guidance; cantonal practice, 2022–2025).

The Swiss Federal Tax Administration (SFTA) classifies cryptocurrencies as assets for wealth tax and requires declaration in annual tax returns for residents (who pay cantonal and federal rates). Realized private capital gains on cryptocurrencies are generally not subject to income tax for private individuals per cantonal practice cited by SFTA (SFTA guidance, 2022–2025; RSM Switzerland, 2023).

VAT: Payment tokens (used as means of payment, e.g., Bitcoin when accepted as cash-equivalent) are VAT-exempt for supplies. By contrast, NFT transfers can be subject to Swiss VAT if the place of supply is Switzerland (buyer located in Switzerland/Liechtenstein) and the seller is taxable—standard VAT rate 8.1% (as of 2024) applies to domestic taxable supplies — Federal Tax Administration — VAT (2025); Lindemann Law insight (2024).

Income/professional activity: If a Swiss resident repeatedly trades or mints NFTs as a business, proceeds are taxable as income (losses deductible). NFT holding/transfers for private purposes may be treated differently—SFTA and Swiss practitioner notes require case-by-case analysis of NFTs' economic substance (Lindemann Law, 2024; OdM Fiduciaire guide, 2025).

Regulation of cryptocurrencies in Switzerland: FINMA rules and compliance standards

Disclaimer: This information is for general guidance only and does not replace professional advice. For regulatory and compliance matters, consult a qualified specialist.

Switzerland's regulatory framework for cryptocurrencies is built on principle-based supervision, technology-neutral application of existing financial law, and specific legislative adaptations to address distributed ledger technology (DLT). The Swiss Financial Market Supervisory Authority (FINMA) serves as the primary regulator, applying licensing, anti-money laundering, and investor protection rules to crypto activities that qualify as financial intermediation.

The role of FINMA in regulation

FINMA is Switzerland's independent financial market regulator, responsible for supervising banks, insurers, securities firms, collective investment schemes, and financial intermediaries. FINMA's mandate includes issuing authorizations, supervising compliance, and enforcing financial market law through warnings, sanctions, and liquidation proceedings where necessary — FINMA official site (2023).

For cryptocurrency activities, FINMA applies a principle-based, technology-neutral approach. Crypto service providers that conduct exchange, custody, or offer securities-like tokens must comply with FINMA licensing and anti-money laundering requirements. FINMA treats crypto assets under existing financial regulation and determines licensing obligations based on the economic function and risks of the activity rather than the underlying technology (Swiss Financial Market Supervisory Authority FINMA, 2023 publication).

FINMA supervises anti-money laundering compliance through the Swiss Anti-Money Laundering Act (AMLA), using a risk-based model with direct oversight of licensed entities and self-regulatory organizations (SROs). Crypto businesses must either obtain direct FINMA supervision or join a FINMA-recognized SRO to operate legally in Switzerland (FINMA tasks page, accessed 2025).

Token classification: payment, utility, asset

FINMA officially classifies tokens into three categories based on their economic function, as outlined in its ICO Guidelines (April 2017):

Payment tokens are cryptocurrencies intended now or in the future as a means of payment for goods or services, or for money and value transfer. Payment tokens do not represent claims on the issuer and function similarly to traditional currencies (FINMA ICO Guidelines PDF, FINMA, 2018).

Utility tokens provide digital access to an application or service via blockchain infrastructure. These tokens grant usage rights but do not represent financial claims or investment instruments (FINMA ICO Guidelines PDF, FINMA, 2018).

Asset tokens represent assets such as debt or equity claims on the issuer. They promise shares in future earnings or capital flows and are analogous to equities, bonds, or derivatives. Asset tokens also include tokens representing physical assets (FINMA ICO Guidelines PDF, FINMA, 2018).

Token classifications are not mutually exclusive. Hybrid tokens (e.g., a token that functions as both an asset and a payment instrument) require cumulative regulation under the applicable legal frameworks for each function (FINMA ICO Guidelines PDF, FINMA, 2018).

Key laws: DLT Act and anti-money laundering (AML)

The DLT Act (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology) entered into force on February 1, 2021 (core provisions) and August 1, 2021 (remaining provisions and ordinances). The DLT Act introduced three major changes to Swiss law:

1. Ledger-based securities: The Act inserted Articles 973d et seq. into the Swiss Code of Obligations, allowing the creation and transfer of rights by entry in a certified securities ledger. These provisions enable tokenized securities to have legal effect without traditional paper certificates (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, Federal Gazette PDF, 2019; Circular 2021/01, Swiss Blockchain Federation, 2021).

2. DLT trading facility authorization: The Act added Articles 73a–73f to the Financial Market Infrastructure Act, establishing a specific authorization regime for trading venues focused on DLT and immobilized ledger-based securities. This created a new license category tailored to blockchain-based trading platforms. In March 2025, BX Digital AG received the first DLT trading facility license from FINMA, demonstrating the operationalization of this license category (Federal Act draft and Federal Council enactment, Federal Gazette PDF; Legal 500 2025; FINMA press release, March 2025).

3. Insolvency and custody clarification: The Act amended the Federal Act on Debt Enforcement and Bankruptcy and related laws to recognize holders' rights recorded in certified ledgers and to specify that ledger entries can create proprietary effects in bankruptcy. This clarifies the treatment of tokenized assets in insolvency and deposit-protection contexts (Federal Act text, Federal Gazette PDF; Walder Wyss legal note, 2020–2021).

Anti-Money Laundering (AML) requirements: Switzerland implemented FATF recommendations into national law through the Swiss Anti-Money Laundering Act (AMLA). The AMLO-FINMA (Anti-Money Laundering Ordinance-FINMA) reduced the customer identification threshold for crypto exchange transactions to CHF 1,000, effective 2021. This threshold applies to financial intermediaries handling crypto assets and requires transaction monitoring and reporting obligations for amounts exceeding the limit (AMLO-FINMA amendments; Chambers Global Practice Guides, 2025).

Crypto firms classified as financial intermediaries or virtual asset service providers (VASPs) must identify and verify beneficial owners and record ownership structures before commencing business relations. Risk-based due diligence requires standard customer due diligence (CDD) for ordinary clients and enhanced due diligence (EDD) for high-risk cases, including politically exposed persons, complex ownership structures, and high transaction volumes (FINMA supervisory expectations and AMLA text/guidance, 2020–2024).

DLT-securities: how it works in Switzerland

The DLT-Law introduced a new type of negotiable securities, so-called "DLT-Securities", allowing for the tokenization of rights, claims and financial instruments, such as bonds, shares, structured products or derivatives. The concept of DLT-Securities aims to ensure the tokenization of rights by providing the legal framework for an electronic registration of rights that entails the same protection as a traditional security.

In order to validly create DLT-Securities, the involved parties (e.g., the issuer of a financial instrument as debtor and the holders of the financial instrument as creditors) must enter into a registration agreement pursuant to which the relevant rights (i) are entered into a so-called "Register of Uncertificated Securities", and (ii) may exclusively be asserted based on and transferred via the register. The register must satisfy certain statutory technical minimum requirements. The register must, namely, exclusively grant the creditors, but not the debtor, actual power of disposal over the respective rights. In addition, the register's integrity must be ensured by implementing adequate technical and organizational protective measures. Pursuant to the DLT-Law, the issuer of DLT-Securities is liable for ensuring that the register functions correctly and that the technical and organizational protective measures are adequately implemented and maintained.

Segregation of client crypto-assets in custodian bankruptcy

In Switzerland, crypto-assets may be segregated in favor of clients if: (1) the custodian has an obligation to keep the assets available to the client at all times and may not use them for proprietary business or own-account transactions; (2) the assets can be either unambiguously allocated to the individual creditor or investor, or allocated to a group of investors or creditors with a clear share of the joint holdings for each creditor or investor.

Sandbox and simplified licenses

Switzerland has not established any "sandbox" exemptions or similar arrangements that specifically focus on DLT or cryptocurrencies. However, there are specific rules in place which aim at generally promoting FinTech developments in Switzerland.

The Swiss "sandbox" exemption allows companies to engage in activities that would usually trigger bank licensing requirements. Under the sandbox exemption, companies accepting deposits are not considered to be acting in a professional capacity if: (i) the deposits accepted do not exceed the threshold of CHF 1 million; (ii) the deposits accepted are neither invested nor interest-bearing; and (iii) the investors are informed in advance, in writing or in another form that provides for a record in text form, that the company is not supervised by FINMA and that the deposits are not protected by the Swiss deposit insurance regime.

The simplified FinTech license allows the respective license holder to accept deposits up to the threshold of CHF 100 million, provided that the deposits are neither invested nor interest-bearing. The FinTech license, however, does not allow the offering and provisions of loans and mortgages.

VAT on cryptocurrencies

For the purpose of value-added tax (VAT), cryptocurrencies are treated the same way as legal tender, meaning that the trading or exchange activities of cryptocurrencies and additional services related to such trading or exchange activities are exempt from VAT.

Markus Pritzker

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+41 44 515 25 91

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Registering a crypto business (crypto business registration) and startups in Switzerland

Switzerland offers a structured legal framework for entrepreneurs seeking to establish crypto businesses, combining clear regulatory pathways with access to banking, talent, and institutional investors. The registration process requires careful planning, compliance with FINMA requirements, and coordination with cantonal authorities.

Step 1: choosing a legal structure (AG, GmbH)

Swiss company law provides two primary corporate structures for crypto businesses: the Aktiengesellschaft (AG) and the Gesellschaft mit beschränkter Haftung (GmbH).

AG (Aktiengesellschaft): The AG is a stock corporation with a minimum share capital of CHF 100,000, of which CHF 50,000 must be paid in at incorporation. The AG structure is suitable for businesses planning to raise capital from investors, issue shares, or pursue public listings. AG companies must have at least one shareholder and one director with signatory authority. The AG is the preferred structure for larger crypto businesses and those seeking institutional investment (Swiss company law, admin.ch; commercial register zefix).

GmbH (Gesellschaft mit beschränkter Haftung): The GmbH is a limited liability company with a minimum share capital of CHF 20,000, which must be fully paid in at incorporation. The GmbH structure is suitable for smaller businesses, startups, and entrepreneurs who prefer a simpler governance structure with fewer reporting requirements. GmbH companies must have at least one shareholder and one managing director (Swiss company law, admin.ch; commercial register zefix).

Both structures are recognized by FINMA for crypto licensing purposes. The choice depends on the business's capital requirements, governance preferences, and long-term growth plans. Non-EU/EFTA nationals can register either structure without ownership restrictions but must appoint at least one Swiss-resident director with signatory authority (Swisspreneur.org Essential Guide 2025; Manimama.eu Switzerland Company Formation 2025).

For more information on choosing between AG and GmbH, see our guide on AG vs GmbH.

Step 2: preparing a whitepaper and business plan

FINMA's public guidance on token classification and regulatory qualification informs the content requirements for whitepapers and business plans. FINMA reviews business models to determine whether the activity constitutes a regulated financial service, and the whitepaper must clearly describe the token's economic function, technical implementation, and legal structure.

A FINMA-compliant business plan typically includes:

• Three-year financial forecast: Revenue projections, cost structure, capital requirements, and break-even analysis.
• Risk assessment: Identification of operational, market, legal, and cybersecurity risks, with mitigation strategies.
• AML/KYC policies: Detailed procedures for customer identification, transaction monitoring, and reporting obligations under AMLA and FINMA guidance.
• Cybersecurity protocols: Technical safeguards for asset custody, data protection, and incident response.
• Governance structure: Organizational chart, roles and responsibilities, and compliance oversight mechanisms.

FINMA case practice shows that FINMA evaluates the completeness and accuracy of the business plan when determining licensing requirements. Entrepreneurs should engage legal and compliance advisors early to ensure the plan meets FINMA's expectations (FINMA guidance pages and licensing application documents).

Step 3: interacting with FINMA (request for assessment)

FINMA accepts preliminary enquiries (non-action letters) for fintech projects submitted in writing to the Authorisation section (Fintech/Authorisation team). The preliminary enquiry process allows entrepreneurs to obtain an initial regulatory assessment before committing significant resources to a full licensing application.

Required documentation for preliminary enquiry:

• Detailed description of the business and activities
• Business plan with financial projections (typically first three years)
• Organizational structure and governance framework
• Technical documentation (whitepaper for token projects)
• Factual representation of implementation circumstances

FINMA's response provides an initial regulatory assessment, indicating whether a license is required, whether additional information is needed, or whether FINMA will refrain from action (no-action) based on the presented facts. The response may contain conditions or limitations and does not replace a formal licensing decision if facts change — FINMA — Assessment of licensing projects and preliminary enquiries (2023); Lenz & Staehelin, Fintech 2025, No-Action Letters (2025).

The preliminary enquiry process is fee-based, and FINMA's response is limited to the requesting party and the accuracy of the facts presented. FINMA has a dedicated fintech team to handle approximately 100 enquiries per year, reflecting the high volume of crypto-related projects seeking regulatory clarity (Lenz & Staehelin, Fintech 2025, 2025; FINMA — Assessment of authorisation enquiries, 2023).

For more information on the Swiss fintech sandbox, see our guide on the Swiss fintech financial sandbox.

Step 4: opening a corporate bank account

Opening a corporate bank account for a crypto business in Switzerland requires meeting stringent AML/KYC requirements and demonstrating compliance with FINMA standards. Swiss banks evaluate the risk profile of crypto businesses on a case-by-case basis, and some banks have restricted onboarding for certain crypto activities.

Banks that provide corporate accounts for crypto businesses include:

• SEBA Bank: Offers full banking services for blockchain and crypto companies, including fiat accounts in CHF, EUR, and USD, and integrated custody and trading services.
• Sygnum Bank: Provides corporate accounts with IBAN for crypto firms meeting FINMA AML/KYC requirements, alongside custody and asset management services.
• Dukascopy Bank: Offers multi-currency accounts (MCA) with IBAN for crypto trading and exchange businesses, with no minimum deposit requirement.

The account opening process typically requires:

• Certificate of incorporation and commercial register extract
• Articles of association and shareholder register
• List of directors and beneficial owners
• Business plan and FINMA correspondence (if applicable)
• Source-of-funds documentation and AML/KYC policies

Banks may require additional documentation or impose transaction limits based on their internal risk assessments. Entrepreneurs should engage with multiple banks early in the registration process to secure banking relationships before commencing operations (RB Swiss Group site; Dukascopy FAQ; SEBA/Sygnum corporate materials, 2025).

Step 5: obtaining licenses (if required)

FINMA licensing is required when crypto activities meet legal definitions for financial intermediation. The licensing regime depends on the economic function and risks of the activity:

FinTech license: Historically applies to firms accepting public deposits below CHF 100 million without investing or lending the funds. The FinTech license is subject to simplified prudential requirements and is suitable for payment service providers and certain custodial services (Swiss Federal Council / Banking Act; practice guides 2024–2026).

DLT trading facility license: Created under the DLT Act for trading venues focused on tokenized assets and immobilized ledger-based securities. The first DLT trading facility license was granted to BX Digital AG in March 2025, demonstrating the operationalization of this license category (Legal 500 2025; FINMA press release, March 2025).

Banking and securities firm licenses: Apply when the activity constitutes banking (accepting deposits) or securities trading under the Financial Institutions Act (FinIA) and Financial Services Act (FinSA). Token qualifications can trigger securities law obligations, requiring a securities firm license (FINMA and admin.ch legal texts).

Proposed new licenses (2025 consultation): On October 22, 2025, the Swiss Federal Council launched a public consultation proposing two new license categories under the Financial Institutions Act: (1) payment instrument institutions (stablecoin issuers) and (2) crypto institutions. The consultation runs until February 6, 2026, and aims to strengthen Switzerland's attractiveness as a financial center while balancing financial stability and consumer protection — Federal Council communiqué, 2025-10-22.

For more information on starting a cryptocurrency exchange in Switzerland, see our guide on where to start a cryptocurrency exchange in Switzerland.

For general information on company formation, see our guide on company formation in Switzerland.

Banking and financial services for cryptocurrencies: from Swiss banks to asset management

Switzerland's banking sector provides a range of services tailored to the crypto industry, including custody, fiat payment rails, deposit-taking under FinTech and banking licenses, brokerage and trading, token issuance and asset servicing, and stablecoin-related services. These services operate under FINMA supervision and the DLT Act framework, which entered into force on August 1, 2021.

Custody: Professional custody of crypto assets by banks or licensed custodians is regulated as a financial service and may require a banking license or FinTech license depending on the custody model. FINMA lists custody among market crypto services and requires custodial providers to segregate client assets, implement safekeeping controls, and maintain insurance per FINMA custody and outsourcing guidance (FINMA, "At a glance: list of crypto services", 2024).

Deposit-taking: The FinTech license permits accepting public deposits up to CHF 100 million without investing or lending the funds or paying interest. A full banking license is required where deposits are invested or interest is paid (Swiss Federal Council / Banking Act; practice guides 2024–2026).

Payments and fiat rails: Banks provide fiat on- and off-ramps (SEPA and CHAPS equivalents) with AML/KYC-checked crypto-fiat exchange settlement. FINMA applies AMLA rules, including revised AML thresholds effective November 2022 (FINMA guidance; Swiss AML Ordinance revision Nov 2022).

Trading, brokerage, and token trading venues: Regulated trading and broker services for tokenized assets are covered by the DLT Act and existing securities and financial market laws. Trading venues for tokenized assets may require authorization under the DLT Act (DLT Act, Swiss Federal publications, 2021; Legal 500 Switzerland 2025).

Issuance and token services: Issuance of tokens (payment, asset, or utility) is subject to the Banking Act, Collective Investment Schemes Act, or Financial Services Act depending on the token's economic rights. Classification is done case-by-case by FINMA (FINMA guidance; Legal 500 2025).

Stablecoins and guarantees: Switzerland has no single stablecoin regime. Stablecoins are assessed by design, and some issuers operate via bank default guarantees. FINMA issued minimum requirements for such guarantees, and the Federal Council launched a consultation on revised stablecoin rules on October 22, 2025 (FINMA statements; Swiss Federal Council consultation document 2025).

Investing in cryptocurrencies: Bitcoin, altcoin and portfolio diversification in Switzerland

Disclaimer: This information is for general guidance only and does not replace professional advice. For investment matters, consult a qualified financial advisor.

Switzerland's regulatory framework and tax treatment create favorable conditions for cryptocurrency investment, whether through direct purchases, regulated investment products, or diversified portfolios. Investors benefit from clear legal classification, access to institutional-grade custody, and tax exemptions for private capital gains.

Direct investments in Bitcoin and altcoins

Direct investment in Bitcoin and altcoins involves purchasing and holding digital assets through regulated exchanges or custodial services. Swiss investors can access over 70 cryptocurrencies through platforms like SwissBorg, Bitcoin Suisse, and SEBA Bank, with fiat on-ramps in CHF, EUR, and USD.

The tax treatment for private investors is favorable: capital gains from the sale of Bitcoin and altcoins are generally tax-free if the investor qualifies as a private investor (non-professional trader) under Swiss tax law. The four criteria for private investor status—holding periods of at least six months, transaction volume not exceeding five times starting capital, investment gains not exceeding 50% of gross income, and use of own funds—determine whether gains remain tax-exempt (Swiss Federal Tax Administration guidance; cantonal tax practice, 2022–2025).

For more information on Bitcoin models and crypto business in Switzerland, see our guide on Bitcoin models & crypto business in Switzerland.

Crypto investment funds and ETPs

Switzerland's regulated market supports crypto exchange-traded products (ETPs) under the financial market framework. SIX Swiss Exchange lists approximately 196 crypto ETPs covering 23 underlying assets as of 2025, with turnover and issuer data published in SIX's annual crypto products report (SIX Group, Crypto Products Report 2025, PDF, 2025).

Examples of crypto ETPs traded on SIX include:

• 21Shares Bitcoin ETP (ABTC): Physically backed by bitcoin held in custody, providing exposure to BTC price movements without direct ownership.
• CoinShares Physical Staked Ethereum (ETHE): Represents staked ETH exposure, allowing investors to participate in Ethereum staking rewards through a regulated product.
• DDA Physical Bitcoin ETP (XBTI): A bearer, collateralized, non-interest-paying debt security where each ETP security corresponds to a defined crypto asset entitlement held by the issuer's custodian.

ETPs offer passive exposure to cryptocurrencies with the regulatory oversight and liquidity of traditional securities markets. Investors can trade ETPs through standard brokerage accounts, avoiding the operational complexity of managing private keys and wallets (SIX Group, "List ETPs on Crypto Currencies with SIX", 2018–2025).

Importance of portfolio diversification

Diversification across crypto asset classes reduces concentration risk and exposure to volatility in any single asset. A diversified portfolio might include:

• Bitcoin (BTC): The largest and most liquid cryptocurrency, often considered a store of value and a hedge against inflation.
• Ethereum (ETH): The leading smart contract platform, with exposure to decentralized finance (DeFi) and tokenization trends.
• Stablecoins: Fiat-pegged tokens (e.g., USDT, USDC) that provide liquidity and reduce volatility within a crypto portfolio.
• Altcoins: Smaller-cap cryptocurrencies with higher growth potential and higher risk, selected based on technology, team, and market adoption.

Dollar-Cost Averaging (DCA) is a common investment strategy that involves making regular fixed-amount purchases over time, reducing the impact of short-term price volatility. DCA is described in Swiss investor guidance and tax literature as a systematic approach suitable for private investors (Odm Fiduciaire, "Cryptocurrencies and taxes in Switzerland: guide 2025", 2025).

Swiss tax treatment impacts investment choices. Cryptocurrencies are classified as assets for wealth tax purposes and must be declared at market value on December 31 each year. Private capital gains remain tax-exempt for non-professional investors, while professional traders pay income tax on gains. Regulatory requirements for service providers—including capital, AML/KYC, and asset segregation—affect product availability and custody options (ybcase.com, 2025; Coredo, 2025).

For more information on tax benefits for cryptocurrencies in Switzerland, see our guide on how cryptocurrencies in Switzerland receive the best benefits.

The phenomenon of 'Crypto Valley' in Zug

The canton of Zug has established itself as the epicenter of Switzerland's blockchain ecosystem, earning the nickname "Crypto Valley." The concentration of blockchain companies, foundations, and industry organizations in Zug reflects the canton's favorable regulatory environment, low tax rates, and supportive local government.

The Ethereum Foundation established its legal base in Zug in 2014 following the July–August 2014 crowdsale that raised approximately 60 million ETH for development. The foundation's registration in Zug marked the beginning of Crypto Valley's emergence as a global blockchain hub (Ethereum Foundation, 2014, public crowdsale whitepaper/PDF).

The Cardano Foundation also operates as a foundation with a presence in Zug and is listed as a member of the Crypto Valley Association. The foundation's organizational status and events are documented on the Cardano Foundation official website (Cardano Foundation, official site, 2024).

The Crypto Valley Association (CVA) is a non-governmental non-profit headquartered in Zug, reporting 41,000 ecosystem members and naming members including the Cardano Foundation and other blockchain foundations. CVA organizes recurring conferences (Crypto Valley Conference / IEEE listing 2025) and supports local organizations such as CV Labs, an incubator located at Dammstrasse (Crypto Valley Association, 2024, cryptovalley.swiss; Crypto Valley Conference, 2025; Crypto Valley Pioneers site, 2024).

Zug's role as a blockchain hub is supported by cantonal policies that encourage innovation, including streamlined company registration, acceptance of cryptocurrency for tax payments (introduced in 2016), and active engagement with blockchain entrepreneurs. The canton's combined effective corporate tax rate is among the lowest in Switzerland, making it attractive for startups and established blockchain companies seeking to minimize tax burdens while operating in a stable legal environment.

For more information on starting a company in Crypto Valley, see our guide on start a company in Crypto Valley.

Risks, challenges and prospects

Switzerland vs. other crypto hubs (Dubai, Singapore)

Switzerland's regulatory framework is often compared to other leading crypto jurisdictions, including Dubai and Singapore. Each jurisdiction offers distinct advantages and trade-offs for crypto businesses and investors.

Switzerland offers mature crypto regulation through FINMA and the DLT Act, with licensing processes taking 12–18 months and a well-established legal framework. Corporate tax rates in Zug range from 11% to 21%, and the canton hosts over 1,200 blockchain companies (coredo.eu, 2026; ybcase.com, 2025).

Dubai provides clear regulation through the Virtual Assets Regulatory Authority (VARA) since 2022, with zero personal income tax for residents in the Dubai Multi Commodities Centre (DMCC) and zero corporate tax in free zones. Dubai's dedicated crypto banking infrastructure and streamlined licensing processes make it attractive for startups seeking rapid market entry (coindesk.com, 2025-10-28).

Singapore offers clear regulatory guidance through the Monetary Authority of Singapore (MAS) for payment services, with over 100 crypto firms operating in the jurisdiction. Singapore provides tax incentives for crypto funds and maintains a favorable environment for fintech innovation (binance.com/square, 2025).

Switzerland's key differentiators include its long-standing reputation for financial stability, the depth of its banking sector, and the legal certainty provided by the DLT Act and FINMA's principle-based supervision. However, Switzerland's higher cost of doing business and more conservative banking sector (compared to Dubai and Singapore) can pose challenges for early-stage startups.

Markus Pritzker

Swiss Corporate Lawyer

+41 44 515 25 91

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The future of DeFi and NFTs in the Swiss legal system

Switzerland applies existing financial market regulation to DeFi projects on a principle-based, technology-neutral basis. FINMA's approach means that issuance and transfer of tokens can be subject to securities and AML rules depending on the token's function and custody status (FINMA annual report and guidance, 2021–2025; Chambers Global Practice Guides, 2025).

Swiss AML rules and AMLO-FINMA (2021, maintained 2023–2025) apply to financial intermediaries handling crypto, with customer identification thresholds reduced to CHF 1,000 and AML obligations extending to custodial services relevant for DeFi and NFT custodians (AMLO-FINMA amendments; Chambers Global Practice Guides, 2025).

In 2025, the Federal Council approved expansion to automatic exchange of crypto-asset information (Crypto-AIA/CARF). Switzerland will automatically share crypto wallet, NFT, and DeFi transaction data from 2026 under that framework, increasing transparency and cross-border tax compliance (Swiss Federal Council announcement, Feb 2025; government AEOI/CARF documents, 2025).

The Federal draft amendments to the Financial Institutions Act propose two new crypto license types (stablecoin issuer and crypto institution) and are under public consultation until February 2026. These amendments would create tailored licensing for crypto service providers, including those serving DeFi and NFT markets (Federal draft amendment documents; TRM Labs policy review, 2025).

The divergence between FINMA's current principle-based application and pending legislative changes reflects the evolution of Swiss crypto regulation. FINMA's position is that existing rules suffice and are applied case-by-case, while proposals argue that new dedicated licenses and CARF/AEOI will materially increase explicit regulatory scope for DeFi and NFTs in 2026 (FINMA guidance vs. Federal draft amendments and TRM Labs, 2025).