Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
regulation · Federal Council · 2015-11-25
Scope: The provided text is a browser compatibility notice from the federal law website and contains no substantive regulatory content.
Gap or ambiguity: The source text is a website placeholder and does not contain the actual legal ordinance, making it impossible to analyze for regulatory signals.
source ↗Ordinance of 6 November 2019 on Financial Services (Financial Services Ordinance, FinSO)
regulation · Federal Council · 2019-11-06
Scope: The provided text is a website notice about browser compatibility and contains no substantive information about the regulation.
source ↗Ordinance of 6 November 2019 on Financial Institutions (Financial Institutions Ordinance, FinIO)
regulation · FINMA · 2019-11-06
Scope: This is a general ordinance for financial institutions in Switzerland. The provided text is only metadata and does not contain specific articles or requirements.
Gap or ambiguity: The provided text is a metadata stub and contains no substantive articles, preventing any analysis of regulatory gaps or ambiguities.
source ↗FINMA ICO Guidelines (2018) — establishes the functional taxonomy of tokens: payment tokens (means of payment, e.g. BTC), utility tokens (service access), asset tokens (rights like equity/debt — treated as securities); recognizes hybrid forms; basis of all Swiss crypto regulatory analysis
guidance · FINMA · 2018-02-16· 2/3 anchored
LicensingIn force
Scope: This guidance establishes a functional taxonomy for tokens, classifying them as payment, utility, or asset tokens. It clarifies how existing Swiss financial market laws (e.g., securities, banking, AML) apply to ICOs based on this classification.
Gap or ambiguity: The guidance is principles-based, requiring a case-by-case analysis of a token's economic function. This creates ambiguity for hybrid tokens or those whose function may evolve, creating an opportunity for independent classification assessments.
SkyInsights — AML / KYT
Evidence (2) — verbatim quotes from the source
Regime
“(regime: `licenciamento`, status: `vigente`)”
Status
“(regime: `licenciamento`, status: `vigente`)”
Ordinance of 27 August 2014 of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes (FINMA Collective Investment Schemes Ordinance, CISO-FINMA)
regulation · FINMA · 2014-08-27
Scope: The provided text is a website notice about browser requirements and does not contain the substantive text of the regulation.
Gap or ambiguity: The substantive legal text was not provided, only a website technical notice.
source ↗Swiss Wealth Tax on crypto — cantonal — crypto holdings on Dec 31 are taxed as wealth (cantonal rates ~0.1% to 1%), valued using the FTA's official price list (ICTax); applies even when capital gain is exempt
guidance · Cantonal tax authorities + FTA · —· 0/2 anchored
In force
Scope: This guidance establishes that crypto-asset holdings are subject to cantonal wealth tax. The value of holdings is determined on December 31st based on the Federal Tax Administration's official price list.
Gap or ambiguity: The guidance relies on an official price list from the FTA for valuation. A potential gap or ambiguity exists for valuing crypto-assets that are not included on this official list.
source ↗Federal Act on Banks and Savings Banks (Banking Act, BankA)
statute · FINMA · 1934-11-08
Scope: The provided text is a browser compatibility notice from a website and contains no substantive legal information.
source ↗Federal Act on Banks and Savings Banks (Banking Act, BA)
statute · FINMA · 1934-11-08
Scope: The provided text is a browser compatibility notice from a website. It contains no substantive legal information regarding the Swiss Banking Act.
Gap or ambiguity: The text is a technical placeholder and does not contain any legal provisions to analyze for gaps or ambiguities.
source ↗Swiss general principle: private capital gains exempt — Switzerland does not tax private movable-asset capital gains; private investors pay 0% on crypto gains (BTC bought at 10k sold at 50k → gain fully exempt); crypto/crypto swaps also tax-neutral for individuals; private losses non-deductible
guidance · FTA / ESTV · —· 0/2 anchored
SilentIn force
Scope: This guidance establishes the tax principle that capital gains from crypto-assets held as private movable assets are exempt from taxation for individuals.
Gap or ambiguity: The text does not define the specific criteria for distinguishing between a tax-exempt private investor and a professional trader, whose gains would be taxable.
source ↗Federal Act on Stamp Duties of June 27, 1973
statute · ESTV · 1973-06-27
Scope: The provided text is a technical notice from a website, not the legal act itself. It contains no regulatory information.
source ↗Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs)
guidance · FINMA · 2018-02-16· 3/3 anchored
LicensingIn force
Scope: This guidance clarifies how FINMA applies existing Swiss financial market laws to Initial Coin Offerings (ICOs). It categorizes tokens into payment, utility, and asset types to determine regulatory treatment under securities, banking, and anti-money laundering laws.
Gap or ambiguity: The distinction between a utility token and a security hinges on whether it has an 'investment purpose,' which is assessed case-by-case. This subjectivity creates an opportunity for an independent certifier to provide an opinion on a token's economic function.
SkyInsights — AML / KYT
Evidence (3) — verbatim quotes from the source
Regime
“Underwriting and offering tokens constituting securities of third parties publicly on the primary market, is, if conducted in a professional capacity, a licensed activity (Art. 3 para. 2 SESTO).”
Status
“In these guidelines, FINMA provides market participants with information on how it will deal with enquiries regarding the supervisory and regulatory framework for ICOs.”
Requires AML / KYT
“Anti-money laundering regulation gives rise to a range of due diligence requirements including the requirement to establish the identity of the beneficial owner and the obligation either to affiliate to a self-regulatory organisation (SRO) or to be subject directly to FINMA supervision.”
Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FinMIA)
statute · FINMA · 2015-06-19
Federal Act on the Swiss National Bank (National Bank Act, NBA)
statute · SNB · 2003-10-03
Scope: The provided text is a website usability notice and contains no substantive regulatory information.
Gap or ambiguity: The text is a technical notice from a website, not the legal act itself. No regulatory content is present to analyze.
source ↗Federal Act on Debt Enforcement and Bankruptcy (DEBA)
statute · — · 1889-04-11
Scope: The provided text is a website notice and contains no substantive legal content. Based on its title, the act governs debt enforcement and bankruptcy.
source ↗Federal Act on Direct Federal Tax (DBG)
statute · FTA · 1990-12-14
Scope: The provided text is a browser compatibility notice from a federal law website and contains no substantive information about the regulation itself.
Gap or ambiguity: The text is a website placeholder and does not contain any regulatory content from which to identify gaps or ambiguities.
source ↗Federal Act of 3 October 2008 on Intermediated Securities (Federal Intermediated Securities Act, FISA)
statute · — · 2008-10-03
Federal Act on the Amendment of the Swiss Civil Code (Part Five: The Code of Obligations)
statute · — · 1911-03-30
Scope: The provided text is a website placeholder message about browser requirements and does not contain any substantive legal or regulatory content.
Gap or ambiguity: The provided text is a website placeholder, so no regulatory content is available to analyze for gaps or ambiguities.
source ↗Federal Act on Combating Money Laundering and Terrorist Financing (Anti-Money Laundering Act, AMLA)
statute · Federal Assembly · 1997-10-10· 0/2 anchored
In force
Scope: Based on its title, this act establishes the framework for combating money laundering and terrorist financing. The provided body text contains no substantive legal articles.
Gap or ambiguity: The provided text is a website technical notice and contains no substantive legal content, making it impossible to analyze specific requirements or gaps.
SkyInsights — AML / KYT
source ↗Ordinance on Banks and Savings Banks (Banking Ordinance, BankO)
regulation · FINMA · 2014-04-30
Scope: The provided text is a website usability notice and does not contain any substantive regulatory information.
Gap or ambiguity: The text body is a technical requirement for browser compatibility and contains no legal or regulatory content to analyze.
source ↗Swiss Criminal Code of 21 December 1937
statute · — · 1937-12-21· 0/1 anchored
In force
Scope: This text is a technical notice about browser requirements for viewing the federal law website. It contains no substantive legal provisions related to crypto-assets.
Gap or ambiguity: The provided text contains no regulatory content, therefore no gaps or ambiguities can be identified.
source ↗Federal Act on Debt Enforcement and Bankruptcy (DEBA)
statute · — · 1889-04-11
Scope: The provided text is a website notice about browser requirements and does not contain the substantive content of the legal act.
Gap or ambiguity: The provided text is a website technical notice, not the legal act itself. No regulatory content is available for analysis.
source ↗Swiss FinIA / FINIG — Financial Institutions Act — licensing of financial institutions; houses the FinTech license; reform consultation closed 2026-02-06 will replace FinTech license with two new FINMA categories (Payment Instrument Institution + Crypto-Institution) — projected in force 2027 (1-year transition)
statute · Federal Assembly / FINMA · 2018-06-15· 0/2 anchored
LicensingUnder consultation
Scope: The Financial Institutions Act (FinIA) establishes a licensing regime for financial institutions, including a specific FinTech license. A proposed reform will replace this with new categories for payment and crypto institutions.
Gap or ambiguity: The current FinTech license is being replaced by two new categories, a Payment Instrument Institution and a Crypto-Institution. The specific requirements for these new licenses are still under consultation, creating an opportunity for certifiers to help shape and audit against future standards.
Regulatory Compliance Support
source ↗Swiss CISA / KAG — Collective Investment Schemes Act — crypto funds; L-QIF (Limited Qualified Investor Fund, since Mar/2024) can be used in crypto context
statute · Federal Assembly / FINMA · 2006-06-23· 2/2 anchored
LicensingIn force
Scope: This statute governs collective investment schemes (funds) in Switzerland. It is applicable to crypto funds, including via the Limited Qualified Investor Fund (L-QIF) vehicle.
Gap or ambiguity: The provided text is a browser compatibility message, not the legal act itself. Therefore, no specific requirements, gaps, or ambiguities can be determined.
Evidence (2) — verbatim quotes from the source
Regime
“LATE — mercado regulado e maduro, venda por substituição/expansão (regime: `licenciamento`, status: `vigente`)”
Status
“LATE — mercado regulado e maduro, venda por substituição/expansão (regime: `licenciamento`, status: `vigente`)”
Federal Act on the Swiss Financial Market Supervisory Authority (Financial Market Supervision Act, FINMASA)
statute · FINMA · 2007-06-22
Scope: The provided text is a technical notice about browser requirements for a website and contains no substantive regulatory information.
source ↗FINMA Guidance 04/2017: Initial coin offerings (ICOs)
guidance · FINMA · 2017-09-29· 1/3 anchored
LicensingIn force
Scope: This guidance clarifies that while no specific ICO regulation exists, existing financial market laws may apply. The applicability of AML, banking, securities, or collective investment scheme rules is assessed case-by-case.
Gap or ambiguity: The guidance creates ambiguity by applying a case-by-case analysis without defining clear criteria for token classification. This leaves issuers uncertain as to which specific financial regulations apply to their offering.
SkyInsights — AML / KYT
Evidence (1) — verbatim quotes from the source
Status
“The Financial Market Supervisory Authority FINMA has observed a marked increase in initial coin offerings (ICOs) conducted in Switzerland. It has today therefore issued FINMA Guidance 04/2017 on this topic.”
Ordinance of the Swiss Financial Market Supervisory Authority on the Prevention of Money Laundering and the Financing of Terrorist Activities (FINMA Anti-Money Laundering Ordinance, AMLO-FINMA)
regulation · FINMA · 2015-06-03
Federal Act of 12 June 2009 on Value Added Tax (Value Added Tax Act, VAT Act)
statute · FTA · 2009-06-12
Scope: The provided text is a website placeholder message about browser compatibility and does not contain the substantive content of the regulation.
Gap or ambiguity: The provided text is a website placeholder, not the legal act itself. No regulatory content is available for analysis.
source ↗Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology
statute · Federal Assembly · 2021-02-01
Scope: The provided text is a website placeholder and contains no substantive information about the regulation.
Gap or ambiguity: The source text is a browser compatibility notice, not the legal text itself, making analysis impossible.
source ↗Swiss AMLA / GwG — Anti-Money Laundering Act — base AML/CFT law; exchanges, custodians and crypto platforms are financial intermediaries; must join an SRO recognised by FINMA (or get direct FINMA authorisation), with KYC, beneficial-owner identification, monitoring and reporting; issuing payment tokens/stablecoins = financial intermediation
statute · Federal Assembly / FINMA · 1997-10-10· 1/3 anchored
LicensingIn force
Scope: This law subjects crypto exchanges, custodians, and platforms to AML/CFT rules as financial intermediaries. They must obtain direct FINMA authorisation or join a FINMA-recognised Self-Regulatory Organization (SRO).
Gap or ambiguity: The act establishes a principles-based AML regime but does not specify technical standards for crypto transaction monitoring or custody. SROs and FINMA define detailed implementation rules, creating an opportunity for best-practice certification.
SkyInsights — AML / KYTSkynet — Threat Monitoring
Evidence (1) — verbatim quotes from the source
Status
“mercado regulado e maduro, venda por substituição/expansão (regime: `licenciamento`, status: `vigente`)”
Swiss Banking Act (BankG) — deposit-taking; relevant for stablecoins and for segregation of custodied crypto outside bankruptcy estate
statute · Federal Assembly / FINMA · 1934-11-08
Swiss FinMIA / FinfraG — Financial Market Infrastructure Act — creates the DLT trading facility license (token-security exchange) for trading/custody/settlement of DLT securities and utility/payment tokens; BX Digital was the first FINMA-authorised DLT trading facility
statute · Federal Assembly / FINMA · 2015-06-19· 0/2 anchored
LicensingIn force
Scope: The act creates a specific license for DLT trading facilities, which are exchanges for DLT securities and other tokens. This license covers trading, custody, and settlement activities.
Gap or ambiguity: The provided text is a website notice, not the legal text itself. It offers no details on the specific technical or security requirements for obtaining the license.
source ↗FINMA Guidance 02/2019: Payments on the blockchain
guidance · FINMA · 2019-08-26· 3/3 anchored
LicensingIn force
Scope: This guidance clarifies the application of Swiss anti-money laundering (AML) rules to supervised financial service providers for payments on the blockchain. It outlines a stringent implementation of the FATF 'Travel Rule'.
Gap or ambiguity: The guidance restricts transfers to/from external wallets unless sender/recipient information can be transmitted 'reliably'. This creates an opportunity for technical solutions or standards to certify the reliability of such transmission systems.
SkyInsights — AML / KYT
Evidence (3) — verbatim quotes from the source
Regime
“For the first time, FINMA has issued banking and securities dealers’ licences to two pure-play blockchain service providers.”
Status
“In its guidance published today, FINMA provides information about this technology-neutral application of the regulation to payment transactions on the blockchain.”
Requires AML / KYT
“As for traditional bank transfers, information about the client and the beneficiary must be transmitted with transfers of tokens (with the exception of transfers from and to unregulated wallet providers).”
Foreign exchange rates FTA (ICTax)
guidance · FTA · —
Scope: This text is a webpage from the Swiss Federal Tax Administration (FTA) related to foreign exchange rates for income and capital tax purposes. It does not contain any substantive rules.
Gap or ambiguity: The provided text is purely navigational and contains no regulatory substance, making it impossible to identify any specific gaps or ambiguities.
source ↗Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FINMA Financial Market Infrastructure Ordinance, FinMIO-FINMA)
regulation · FINMA · 2015-12-03
Ordinance of 4 November 2020 of the Swiss Financial Market Supervisory Authority on Financial Institutions (FINMA Financial Institutions Ordinance, FinIO-FINMA)
regulation · FINMA · 2020-11-04
Scope: The provided text is a website usability notice and contains no substantive information about the regulation.
source ↗Federal Act on the Amendment of the Swiss Civil Code (Part Five: The Code of Obligations)
statute · Federal Assembly · 1911-03-30
Scope: The provided text is a website usability notice about browser requirements and does not contain any regulatory content.
Gap or ambiguity: The text contains no substantive legal or regulatory information to analyze.
source ↗Federal Act on Banks and Savings Banks (Banking Act, BA)
statute · FINMA · 1934-11-08
Scope: The provided text is a website disclaimer about browser compatibility and does not contain the substantive content of the regulation.
Gap or ambiguity: The substantive legal text is missing, preventing any analysis of regulatory gaps or ambiguities.
source ↗Federal Constitution of the Swiss Confederation of 18 April 1999 (Status as of 3 March 2024)
statute · — · 1999-04-18
Scope: This text is a website usability notice and does not contain any regulatory provisions.
source ↗Swiss FinSA / FIDLEG — Financial Services Act — conduct rules and prospectus requirements for the offering of securities (including asset tokens)
statute · Federal Assembly / FINMA · 2018-06-15
Federal Act on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA)
statute · — · 1995-03-24
Scope: The provided text is a browser compatibility notice from a federal law website and does not contain the substantive text of the regulation.
Gap or ambiguity: The substantive legal text was not provided, preventing any analysis of regulatory gaps or ambiguities.
source ↗Swiss Civil Code of 10 December 1907
statute · — · 1907-12-10
Scope: The provided text is a technical notice from a federal law website stating that JavaScript is required for full functionality. It contains no substantive legal or regulatory content.
source ↗Swiss DLT Act (2021) — Federal Act on the Adaptation of Federal Law to Developments in DLT; umbrella law amending 10 statutes; creates ledger-based securities / register value rights (Registerwertrechte) in the Code of Obligations; creates DLT trading facilities in FinMIA; regulates crypto segregation in bankruptcy; in force Aug 2021
statute · Federal Assembly · 2020-09-25· 0/3 anchored
LicensingIn force
Scope: This act adapts Swiss federal law for DLT, creating ledger-based securities (register value rights) and a new license category for DLT trading facilities. It also clarifies the segregation of crypto-assets in bankruptcy.
Incident ResponsePenetration TestingSecurity GuidanceSkynet — Threat Monitoring
source ↗Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology
statute · — · 2021-02-01
AMLO-FINMA Article 10 (Travel Rule) — since 2019, requires transmission of originator/beneficiary information for crypto transfers; Switzerland applies one of the strictest Travel Rules (verification even for self-hosted wallets, with low threshold)
regulation · FINMA · 2015-06-03· 2/3 anchored
LicensingIn force
Scope: This rule implements the FATF Travel Rule for crypto-asset transfers. It requires financial intermediaries to transmit originator and beneficiary information.
Gap or ambiguity: The strict requirement to verify information for transfers involving self-hosted wallets presents a significant technical and operational challenge. Certifiers could audit the specific procedures and tools used for this verification.
SkyInsights — AML / KYT
Evidence (2) — verbatim quotes from the source
Regime
“(regime: `licenciamento`, status: `vigente`)”
Status
“(regime: `licenciamento`, status: `vigente`)”
FINMA Ordinance on the Levying of Supervisory Fees and Levies
regulation · FINMA · 2013-10-23
Scope: The provided text does not contain the body of the ordinance. It is a browser compatibility message from the federal law website.
Gap or ambiguity: The substantive legal text is missing, preventing any analysis of regulatory requirements or gaps.
source ↗Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FinMIA)
statute · FINMA · 2015-06-19
Scope: The provided text is a website usability notice and does not contain the substantive content of the regulation.
Gap or ambiguity: The text body is a technical placeholder from a website, not the legal act itself. No regulatory analysis is possible.
source ↗Ordinance on Collective Investment Schemes (Collective Investment Schemes Ordinance, CISO)
regulation · Federal Council · 2006-11-22
Scope: The provided text contains no substantive information about the regulation. It is a browser compatibility notice from the federal law website.
source ↗Ordinance on Combating Money Laundering and Terrorist Financing (Anti-Money Laundering Ordinance, AMLO)
regulation · — · 2015-06-11
Scope: The provided text is a browser compatibility notice from a federal law website and contains no substantive regulatory information.
Gap or ambiguity: The provided text is a website notice and does not contain the legal text of the ordinance, making it impossible to identify any regulatory gaps.
source ↗Ordinance on Withholding Tax (Withholding Tax Ordinance, VStV)
regulation · SFTA · 1966-12-19
Scope: The provided text is a website usability notice and contains no substantive information about the regulation.
source ↗Federal Act on Banks and Savings Banks (Banking Act, BA)
statute · — · 1934-11-08
Scope: The provided text is a website compatibility notice, not the substantive legal text. No regulatory content is present to analyze.
Gap or ambiguity: The provided text is a website compatibility notice, not the substantive legal text. No regulatory content is present to analyze for gaps or ambiguities.
source ↗Ordinance of 6 November 2019 on Financial Institutions (Financial Institutions Ordinance, FinIO)
regulation · Federal Council · 2019-11-06
Scope: The provided text is a boilerplate message from the federal law website and contains no substantive legal content.
source ↗Federal Act on the Harmonization of Direct Taxes of the Cantons and Municipalities (Tax Harmonisation Act, THA)
statute · — · 1990-12-14· 0/1 anchored
In force
Scope: This 1990 act harmonizes direct taxes for cantons and municipalities. The provided text contains no substantive articles, only a website technical notice.
Gap or ambiguity: The act predates crypto-assets and does not address their specific tax treatment, which would be covered by separate guidance from tax authorities.
source ↗Federal Act of 18 December 2015 on the International Automatic Exchange of Information in Tax Matters (AEOIA)
statute · FTA · 2015-12-18
Scope: This law governs the international automatic exchange of financial account information for tax purposes between Switzerland and partner states. It is not a crypto-asset specific regulation.
Gap or ambiguity: The provided text is a website placeholder message and does not contain the actual legal articles of the statute. It is impossible to analyze the regulation's specific requirements from this text.
source ↗Federal Act on Financial Institutions (Financial Institutions Act, FinIA)
statute · FINMA · 2018-06-15
Scope: The provided text is a website placeholder message and does not contain the substantive content of the Financial Institutions Act.
Gap or ambiguity: The substantive legal text is missing, preventing any analysis of regulatory requirements or gaps.
source ↗Federal Act on Withholding Tax (Withholding Tax Act, WHTA)
statute · null · 1965-10-13
Scope: The provided text is a browser compatibility message from a website and contains no substantive legal information.
Gap or ambiguity: The text does not contain the actual legal provisions of the act, making it impossible to analyze for regulatory content or gaps.
source ↗Ordinance on Stock Exchanges and Securities Trading (Stock Exchange Ordinance, SESTO)
regulation · — · 1996-12-02
Scope: The provided text is a website placeholder and contains no substantive regulatory information.
source ↗