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Tokenization in Switzerland

Swiss tokenization planning turns on whether the token is a DLT security, fund interest, payment token or trading venue product.

Plan tokenization in Switzerland with FINMA licensing analysis for DLT securities, trading facilities, securities firms, funds, custody and AML supervision.

Compare Swiss tokenization packagesView regulatory sources

Regulatory perimeter

Switzerland has a specific DLT securities framework, but not every token is a DLT security. Counsel should classify whether the token represents equity, debt, a fund interest, a claim, a payment instrument, a utility right or a record of an off-chain asset.

  • DLT securities and uncertificated register securities can require careful corporate, transfer and ledger design.
  • Multilateral trading of DLT securities can require a FINMA DLT trading facility licence.
  • Custody, brokerage, asset management, fund activity and deposit-taking can trigger other FINMA regimes.

Licences and registrations to map

Switzerland is attractive for structured tokenized securities, but licence planning is granular. The issuer, broker, custodian, wallet operator, marketplace and fund manager can each sit in a different regulatory bucket.

  • A DLT trading facility licence applies to certain venues for multilateral trading of DLT securities.
  • Securities firm, banking, fintech, fund or portfolio-management permissions may be relevant depending on activity.
  • AML Act obligations and SRO affiliation often matter for financial intermediary activity even where no prudential licence is required.

Issuer checklist

Swiss tokenization should start with the legal nature of the right being tokenized and the transfer mechanics that make the ledger legally effective.

  • Prepare articles, register-security terms, transfer rules and investor restrictions before deployment.
  • Decide whether the token will trade, who can custody it and whether settlement is delivery-versus-payment.
  • Document how the smart contract, register and issuer records remain synchronized.

Frequently asked questions

Does Switzerland have a DLT trading facility licence?

Yes. FINMA licenses DLT trading facilities for certain multilateral trading of DLT securities under the Swiss financial market infrastructure framework.

Can Swiss securities be tokenized?

Yes, but the token, register, issuer documents and transfer mechanics must be designed so the digital record reflects the legal right being transferred.

Is AML supervision relevant for Swiss tokenization?

Often yes. Brokerage, exchange, transfer, custody or financial intermediary activity can require AML compliance and SRO affiliation or direct supervision.

Regulatory sources for legal review

These primary regulator materials should be reviewed with local counsel before marketing, onboarding investors, issuing tokens, custodying assets, or enabling secondary transfers.

FINMA DLT Trading FacilityFINMA First DLT Trading Facility

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