At a glance: list of crypto services
Below is a list of the crypto services that have appeared on the market to date. In terms of supervisory law, the focus is on the risk-adequate treatment of these services. It is always important to achieve the right balance between openness to innovation and the protection the financial market and investors.
| Keyword | Useful links |
| Crowdfunding | Fact sheet: crowdfunding (2020) |
| Decentralised finance (DeFi) | Use of DeFi by licensed financial market institutions (AR 2022, p. 21) Risks ( Risk Monitor 2022, p. 19 f. ) Regulatory treatment ( AR 2021, p. 19 f. , AR 2022, p. 21 ) |
| Digital client onboarding | Digital client onboarding ( AR 2021, p. 18 ) Circular 2016/7: Video and online identification (2021) |
| DLT payment system | DLT-based payment systems ( AR 2020, p. 28 f. ) |
| FinTech licence | Licensed persons pursuant to Article 1b BA Guidelines on licensing and changes to licences (2023) Disclosure requirements Guidelines on licence assessment (2019) Status of FinTech licence ( AR 2021, p. 18 f. ) |
| Trading of DLT securities | Guidelines on licensing as a DLT trading facility (2021) Stock exchange and central securities depository approved for the first time for the trading of tokens ( AR 2021. p. 20 ) Trading of DLT securities ( AR 2021, p. 18 f. ) Trading platforms in the blockchain environment ( AR 2018, p. 31 f. ) SFMA licenses first DLT trading facility |
| Initial coin offerings (ICOs), issuance of “cryptocurrencies” | ICO guidelines (2018) Guidelines stable coins (2019) Overview of enquiries as at 2023 ( AR 2023, p. 29 f. ) Efficient processing of FinTech authorisation enquiries |
| Riskwarnings for cryptoassets | Fact sheet: cryptoassets (2022) Protecting yourself against investment fraud involving virtual currencies |
| Crypto funds and ETPs | Exchange-traded products based on cryptocurrencies ( AR 2023, p. 65 ; AR 2022, p. 19 f. ) Press release: approval of first Swiss cryptofund (2021) SFMA Guidance 01/2026 - Custody of cryptobased assets |
| Custody of crypto assets | Changes brought about by the DLT Act ( AR 2021, p. 18 f. ) SFMA Guidance 01/2026 - Custody of cryptobased assets SFMA Guidance 03/2025 - Disclosure of cryptobased assets in banks' annual financial statements |
| Crypto exchanges and money laundering supervision in the crypto area | Money laundering supervision in the crypto area ( AR 2021, p. 32 f. ) Guidance 02/2019 – Payments on the blockchain (2019) Dossier on money laundering prevention |
| Artificial intelligence | Artificial intelligence: SFMA sets out its supervisory expectations (AR 2023, p. 32 f.) New specialist unit for artificial intelligence (AR 2022, p. 22 f.) Artificial intelligence in the Swiss financial market ( AR 2021, p. 20 f. ) Guidance 08/2024 on governance and risk management when using artificial intelligence Initial insights from supervision in the area of AI reveal shortcomings in risk management (AR, p. 51 ) SFMA survey: artificial intelligence gaining traction at Swiss financial institutions |
| NFT | NFT (AR 2022, p. 20 f.) |
| Sandbox | Introduction of the Swiss sandbox ( AR 2017, p. 38 ) |
| Stable coins | Issue of stable coins by supervised firms ( AR 2021, p. 19. ) Guidelines on stable coins (2019) Expectations regarding stablecoin projects formulated (AR, p. 53 ) Guidance 06/2024 on stablecoins |
| Staking | Guidance 08/2023 – Staking (2023) Implementation of supervisory expectations in connection with staking (AR, p. 53 ) |
| Travel rule | Money laundering supervision in the crypto area ( AR 2021, p. 32 f. ) Guidance 02/2019 – Payments on the blockchain (2019) |
| Enquiry to SFMA | Does my FinTech service require a licence? Swift processing of FinTech authorisation enquiries ( AR 2023, p. 29 ) FinTech desk ( AR 2016, p. 24 ) Efficient processing of FinTech authorisation enquiries Guide to the electronic submission of authorisation enquiries FinTech authorisation enquiry |
| Further information | Protecting yourself against investment fraud involving virtual currencies Dossier on money laundering prevention |
| External links | CGMF report: National risk assessment (NRA) – risk of money laundering and terrorist financing posed by cryptoassets (2024) MROS Annual Report (2022) Digital finance report published by the Federal Council (2022) SIF crypto factsheet (2022) DLT Act: explanatory report (2021) DLT Act: dispatch (2020) DLT report published by the Federal Council (2018) SBA guidelines on opening corporate accounts for blockchain companies (2019) Consultation draft FINIG |