Switzerland/CH/Comparables
Switzerland
FINMA
Switzerland tokenised the security. RCA token-wrapped the investment contract. A ledger-based security under the DLT Act is an equity or debt on a ledger — a digital security, which Rule 100 would exclude from “crypto asset” and therefore from CIC. The Swiss file is the registered-offering analogue, not the exemption analogue.
DLT Act
1 Aug 2021
Character
3-way
Payment / utility / asset
Licence
DLT TF
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
Tokenised securities — outside Rule 100 by design
- In force
Characterisation — the Howey conversation in civil-law clothes
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 crypto asset | Payment or utility token (not a security) | Analogue | Only these can be the subject asset of a CIC. Asset tokens are securities. |
| Rule 100 CIC | No Howey wrapping; civil-law token + prospectus if a security | No analogue | Switzerland does not need a “covered investment contract” because it put the security on the ledger. |
| Rule 300 | Prospectus / listing on a DLT trading facility | Partial | Market-infrastructure path for ledger-based securities. |
| Rule 400 | None | No analogue | A ledger-based security does not “cease.” |
Analysis
What the file is
The DLT Act created ledger-based securities and a licence category for DLT trading facilities. FINMA’s older ICO guidance still does the characterisation work: payment tokens, utility tokens, asset tokens. Asset tokens are securities. A foundation plus a token is not a DLT trading facility. Banking and AML overlays apply by activity.
Research
The record
- FINMA has authorised DLT trading facilities. Authorisation is a market-infrastructure fact, not a token endorsement.
- AML Act registration for virtual-currency dealers is a separate file from DLT TF licensing.
- The Swiss path for a non-security utility token that is sold with managerial promises is still a facts-and-circumstances securities analysis — closer to Howey than the DLT Act’s civil-law settlement.
Ideation
What to file
- If your Swiss counsel has already characterised the token as an asset token, do not file a NOR. You would be conceding a CIC over a security.
- Use the DLT Act as the exhibit for “the Commission should also do a registered tokenised-security form.” That is not this paper’s job, and saying so cleanly helps staff route the comment.
Analysis
What the file is
The DLT Act created ledger-based securities and a licence category for DLT trading facilities. FINMA’s older ICO guidance still does the characterisation work: payment tokens, utility tokens, asset tokens. Asset tokens are securities. A foundation plus a token is not a DLT trading facility. Banking and AML overlays apply by activity.
Primary sources on file
DLT Act and FINMA guidance on tokenised securities and trading facilities
FINMA / Swiss Confederation/1 Aug 2021/RCA review 5 Aug 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.