FINMA — All financial market supervision — licensing, AML enforcement, ICO/STO guidance, stablecoin regulation

SROs (VQF, SO-FIT, AOOS) — Self-regulatory organizations for financial intermediation — common path for smaller crypto businesses

**FINMA (Swiss Financial Market Supervisory Authority)** is the primary regulator that authorizes and licenses companies operating in the regulated financial sector, including banks, securities firms, insurers, funds, and fintech entities.https://www.finma.ch/en/authorisation/types-of-licensing/https://www.finma.ch/en/finma/activities/authorisation-licensing/

FINMA grants five types of authorisation: licensing, recognition, authorisation, approval, and registration, with varying supervisory intensity.https://www.finma.ch/en/authorisation/types-of-licensing/

FINMA is responsible for granting licences to financial institutions such as banks, securities firms, fund management companies, managers of collective assets, insurers, financial market infrastructures, and now also crypto custody services, ensuring compliance with organisational, financial, risk-minimisation, and systemic risk requirements (including AI-related risks).

Companies accepting and managing assets deposited by the public for commercial purposes require a FINMA licence, including banks, funds, insurers, portfolio managers, trustees, and crypto companies.https://www.finma.ch/en/authorisation/types-of-licensing/https://resourcehub.bakermckenzie.com/en/resources/global-financial-services-regulatory-guide/europe-middle-east-and-africa/switzerland/topics/what-types-of-activities-require-a-license-in-your-jurisdiction

General requirements include sufficient minimum capital (e.g., CHF 10 million for banks, CHF 300,000 for payment licences/EMI), robust organizational structure, qualified management with integrity and expertise, internal risk management, and for foreign entities, compliance with reciprocity principles.https://goldblum.ch/knowledgebase/obtain-a-finma-licensehttps://www.finma.ch/en/authorisation/types-of-licensing/

For portfolio managers, minimum thresholds include 20 clients, CHF 50,000 gross income, and CHF 5 million in assets under control; asset managers and trustees must affiliate with a supervisory organisation under FinIA.https://goldblum.ch/knowledgebase/obtain-a-finma-licensehttps://www.juliusbaer.com/en/business-navigator/business-navigator/regulation/finma-licensing-process-for-swiss-asset-managers/

Crypto businesses (VASP) require CHF 100,000 minimum capital with max CHF 100M public deposits; DLT trading facilities must be Swiss legal entities with registered office and head office in Switzerland.https://goldblum.ch/knowledgebase/obtain-a-finma-licensehttps://www.finma.ch/en/authorisation/fintech/dlt-handelssystem/

Licensing process involves registration on FINMA platform, application questionnaire, affiliation with supervisory organisation (if applicable), submission, preliminary assessment, FINMA review, and decision.https://www.juliusbaer.com/en/business-navigator/business-navigator/regulation/finma-licensing-process-for-swiss-asset-managers/

Issuers typically require a **fintech license** (under the Banking Act) or full banking license unless exempted via a bank's default guarantee.[1][5]

Proposed **Payment Instrument Institutions** (replacing the fintech license) will exclusively issue "Swiss Stablecoins," with a lighter prudential regime focused on client protection.[2][4][5][6][7]

**Crypto-institutions** license proposed for related activities like custody and trading.[4][6][7]

Federal Council consultation (Oct 2025–Feb 2026) on Financial Institutions Act (FINIG) amendments; no final enactment by Apr 2026.[2][6]

AMLA applies universally, requiring issuer or intermediary KYC for all holders; anonymous transfers prohibited.[1][2][3]

FINMA issued new guidance on January 12, 2026, addressing risks associated with the custody of crypto-based assets, which updates and supersedes the prior FINMA Guidance 06/2024 on stablecoins.

**Financial Institutions Act (FINIG) Amendment** (consultation 22 Oct 2025): Introduces Payment Instrument Institutions for stablecoins. [https://www.news.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY][2]

**Anti-Money Laundering Act (AMLA)**: Mandatory KYC, no anonymous transfers.[1][2]

Federal Council evaluation (Dec 2022) prompted updates.[2]

**Swiss National Bank (SNB)**: Monitors financial stability risks from crypto; no crypto issuance but collaborates on DLT (e.g., BIS Innovation Hub agreement, October 8, 2019). [2][5]

Other: State Secretariat for International Finance (SIF) and Federal Tax Administration handle taxation and international aspects. [3][5]