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 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 Guidance 06/2024 on stablecoins (issuers and default-guarantee banks) - https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-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
