Switzerland remains one of the best places in the world to run a financial business. It is also one of the easiest places to choose the wrong licence.
Most people start with the wrong question: “Which licence should I get?” The right question is: “What exactly will I do, for whom, and with whose money?” In Switzerland, the activity decides the licence. Your company name, your website and your business plan do not.
This section explains the Swiss landscape as it really works: who supervises what, what each licence allows, what it costs in time and money, and what nobody tells you before you apply.
The Swiss landscape in one table
| What you do | What you need | Who supervises you |
|---|---|---|
| Payments, money transfer, currency exchange, lending, trading precious metals or commodities for clients | Membership of a self-regulatory organisation (SRO) for anti-money laundering | The SRO, recognised by FINMA |
| Advise clients on investments without a licence of your own (including foreign advisers serving Swiss clients) | Registration in the client adviser register | A registration body approved by FINMA |
| Crypto exchange, broker or custody of crypto assets for clients | SRO membership today; a banking or securities firm licence for some activities | The SRO, or FINMA |
| Trading platform for tokenised securities (DLT securities), with custody and settlement | DLT trading facility licence | FINMA |
| Stock exchange, multilateral trading facility, central securities depository, clearing | Financial market infrastructure licence | FINMA |
| Manage clients’ assets | Portfolio manager licence | FINMA grants it; a supervisory organisation supervises you |
| Act as trustee | Trustee licence | FINMA grants it; a supervisory organisation supervises you |
| Manage funds or pension money | Manager of collective assets or fund management company licence | FINMA |
| Trade securities for clients | Securities firm licence | FINMA |
| Accept public deposits without lending them | Fintech licence (to be replaced) | FINMA |
| Accept deposits and lend | Banking licence | FINMA |
| Insurance | Insurance licence (direct insurance or reinsurance) | FINMA |
| Insurance broker | Registration in the FINMA register of insurance intermediaries | FINMA |
Three levels of supervision
- Full FINMA licence and direct supervision: banks, securities firms, fund management companies, insurers and market infrastructures.
- FINMA licence with delegated supervision: portfolio managers and trustees, licensed by FINMA but supervised day to day by a supervisory organisation.
- Membership or registration only: financial intermediaries through an SRO, client advisers through the client adviser register, and insurance intermediaries through the FINMA register.
Two new licences on the way
In October 2025, the Federal Council proposed two new licence categories:
- Payment instrument institution: it would replace today’s fintech licence, remove the CHF 100 million cap on client funds, protect client funds if the institution fails, and allow the issue of certain stablecoins.
- Crypto-institution: for businesses providing crypto services, with requirements modelled on those of securities firms, but lighter.
The consultation closed in February 2026. These licences are not yet in force; we will update this page as the legislation progresses.
Browse our practical guides to doing financial business in Switzerland, by topic.
How Swiss Regulation Works
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Insurance in Switzerland: The Insurer’s Licence and the Intermediary Register
Insurers need a FINMA licence; independent insurance brokers must register. What each regime requires and what changed with the latest reform.
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How Swiss Financial Regulation Works: FINMA, Supervisory Organisations and SROs
Who supervises what in Swiss finance: FINMA, the supervisory organisations and the SROs. The map you need before choosing a licence.
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Swiss Financial Licences: The Complete Map (2026)
Switzerland is globally recognised for its financial services sector, supported by a comprehensive regulatory framework. This page is our map: what each Swiss licence allows,…
SRO, Financial Intermediaries and Crypto
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SRO or Licence: Which Do You Need?
An SRO membership and a FINMA licence are not the same thing. What each one covers, who needs which, and the mistake many founders make.
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Swiss Crypto Licence 2026: What You Need, What It Costs — and What Changes in 2027
There is no single “Swiss crypto licence”. There is a map: what you can run on an SRO today, what needs a partner or a…
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Swiss SRO Licence 2026: Requirements, Cost, Timeline — Apply or Buy?
Swiss SRO Licence 2026: Requirements, Cost, Timeline — Apply or Buy? What a Swiss SRO actually is, who needs one, what it really costs, how…
Swiss FINMA Licences: Financial Institutions
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The Swiss Portfolio Manager Licence: What It Takes and What It Really Costs
Managing client assets in Switzerland requires a FINMA licence. Capital, people, organisation, supervision and the mistakes that delay applications.
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The Swiss Trustee Licence, and Why There Is Still No Swiss Trust
Professional trustees in Switzerland need a FINMA licence. What it covers, what it requires, and why Swiss law still has no trust of its own.
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Managing Funds in Switzerland: Manager of Collective Assets or Fund Management Company?
Which FINMA licence do you need to manage funds or pension money in Switzerland? The two licences, the thresholds and the practical choices.
Swiss Banks and the Fintech Licence
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The Swiss Banking Licence: What It Really Takes, and When You Do Not Need One
What a Swiss banking licence requires, the small-bank regime, the fintech licence, and why most people asking for a bank do not need one.
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Switzerland’s Fintech Licence Failed. Here Is What Replaces It.
When Switzerland launched the fintech licence in 2019, the idea was elegant: a “banking licence light” for innovative firms that wanted to hold client money…
Who writes these guides
Rene-Philippe is a Swiss lawyer and the founder of FintechLex. He has spent more than fifteen years helping clients set up, license, buy and sell regulated financial businesses, in Switzerland and abroad. These guides explain how things work in practice, not only what the law says.
Planning a financial business in Switzerland? Contact FintechLex · insight@fintechlex.com
Last updated: October 2026. These guides are general information, not legal advice.