Switzerland currently regulates stablecoins through technology‑neutral application of existing banking, securities, CIS and AML laws, supplemented by FINMA Guidance 06/2024, which clarifies that most fiat‑pegged stablecoin claims are deposits or collective investment schemes and that issuers are financial intermediaries subject to strict AML/KYC and limitations on the use of bank default guarantees. The Federal Council has now launched a legislative project to introduce specific licence categories (notably “payment instrument institutions”) and an explicit regime for “value‑stable crypto‑based payment instruments”, tightening prudential oversight while aiming to keep Switzerland attractive for digital‑asset innovation.
Applicable Laws:
FINMA Guidelines on Stablecoins - https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391
