Switzerland has no stablecoin law yet. It has something more demanding: its banking, fund and anti-money laundering rules. FINMA applies them to stablecoins, and set out how in its Guidance 06/2024.
A dedicated licence is coming, but it is not in force. This guide explains both. It is part of our guide to doing financial business in Switzerland.
The first question: deposit or fund?
A stablecoin backed by reserves gives its holder a claim on the issuer. FINMA then asks one question: who holds the reserves, and for whom?
- The issuer holds them for itself: the holder’s claim is usually a deposit. Taking deposits from the public as a business requires a banking licence.
- The issuer holds them for the holders: the structure looks like a collective investment scheme. The Collective Investment Schemes Act then applies.
The route most issuers use: a bank guarantee
The Banking Ordinance offers an exception. If a bank guarantees repayment and interest, the funds do not count as public deposits. Most Swiss stablecoin issuers use this route and avoid the banking licence.
FINMA sets minimum standards for such a guarantee:
- each holder must have his own claim against the Swiss guarantor bank, and must know it;
- the guarantee must cover all public deposits, with interest, at all times;
- the holder must be able to call the guarantee quickly and simply;
- the claim must fall due when the issuer becomes insolvent.
Two warnings. First, a guarantee is not a banking licence: holders get no Swiss depositor protection. Second, the Federal Council has noted that some firms use this exception to stay outside the licensing regime. Expect FINMA to look closely.
Anti-money laundering: every holder, not just the first
Even with a guarantee, the issuer remains a financial intermediary. It must join a self-regulatory organisation (see our SRO guide).
FINMA goes further. The issuer, or a supervised intermediary, must verify the identity of every person who holds the stablecoin. The token also needs contractual and technical limits on transfers. A coin that circulates freely on public blockchains does not fit these rules.
What is coming: a dedicated licence
On 22 October 2025 the Federal Council opened a consultation on two new licences:
- Payment instrument institution. It would replace the fintech licence and drop its CHF 100 million ceiling on client funds. Only these institutions could issue stablecoins. Holders would have a right to redemption. Client funds would stay separate if the issuer fails. The issuer would publish a white paper.
- Crypto institution. It would cover services involving crypto-assets for trading. See our Swiss crypto licence guide.
The consultation closed on 6 February 2026. The Federal Council plans to send its bill to Parliament in the second half of 2026 at the earliest. Until Parliament votes, the current rules apply.
What to do now
- Choose your structure first: bank guarantee, fund structure, or wait for the new licence.
- Talk to guarantor banks early. Few will say yes, and they will test your anti-money laundering set-up hard.
- Design the token for identified holders from day one. Retrofitting restrictions costs more.
- Build so that moving to the new licence is a step, not a rebuild.
Ask us to review your stablecoin structure, or write to insight@fintechlex.com.
This article is for general information only and does not constitute legal advice.
