Switzerland
A mature, principles-based regime with a well-understood token taxonomy and genuine institutional depth.
Who regulates this
Swiss Financial Market Supervisory AuthorityFINMA
Banking, securities and AML supervision, including DLT trading facilities under the DLT Act.
Licences and permissions
DLT Trading Facility licence
Multilateral trading of DLT securities with retail admission.
Introduced by the DLT Act — a purpose-built category rather than a retrofit.
SRO affiliation
AML supervision for financial intermediaries.
Faster and cheaper than a full FINMA licence where the activity genuinely fits.
What it takes
Capital
Depends entirely on category — from SRO-level requirements up to full banking capital for deposit-taking.
Timeline
Six to eighteen months depending on which category you land in.
Substance
Swiss incorporation with real local management. FINMA tests substance seriously.
Where a software vendor sits
FINMA's outsourcing circular governs how supervised institutions use third-party providers, including data-location and audit-access expectations. Plan for your customer to need contractual rights that satisfy it.
What catches people out
The token taxonomy — payment, utility, asset — determines everything downstream. Classify early and get it in writing, because a reclassification changes the licence you needed.
Verify this yourself
We would rather you checked. These are the primary and authoritative secondary sources behind the summary above.