Understanding token classification is critical for navigating Swiss crypto regulation. The classification determines the applicable laws, such as anti-money-laundering rules for payment tokens or securities rules for asset tokens. Switzerland does not regulate “crypto” as such: it looks at what a token actually does, and applies the existing law to that function. This approach comes from FINMA’s ICO guidelines of 16 February 2018 and still frames every analysis today.
For tailored guidance on your token or exchange project, contact us at insight@fintechlex.com.
The three categories
1. Payment tokens. Used as a means of payment or transfer of value. Not securities. Subject to the Anti-Money Laundering Act (AMLA) when transferable on a blockchain, which is why exchanges and wallet providers dealing in them must join an SRO or be supervised directly. Example: Bitcoin.
2. Utility tokens. Give digital access to an application or service. Not securities if access is their only function at issuance. If they also carry an investment purpose, FINMA treats them as securities as well.
3. Asset tokens. Represent assets such as a share, a debt claim or a right to future earnings. Treated as securities. Since 2021, the DLT Act allows them to be issued as ledger-based securities, which are transferable on the blockchain with the same legal effect as traditional securities.
Hybrid tokens combine several functions. FINMA then applies the rules of each function cumulatively: a token that is both a means of payment and an investment is subject to both AMLA and securities rules.
Pre-financing and pre-sale
Where investors pay for a claim to tokens that will only exist later, the claim is generally treated as a security, whatever the token will eventually be. This is where most ICO structures need the most care.
Stablecoins: the fourth question
Stablecoins do not fit neatly into the three categories. FINMA addressed them in a 2019 supplement and in its Guidance 06/2024: depending on the structure, a stablecoin can involve banking law (deposits), collective investment schemes or securities law, and the issuer’s AML duties extend to every holder. Under the reform now before Parliament, issuing a Swiss stablecoin will require the new payment instrument institution licence.
What changes with the 2026 reform
The Federal Council’s amendments to the Financial Institutions Act create two new licences: the payment instrument institution (replacing the fintech licence and covering stablecoins) and the crypto institution (custody, trading and exchange of payment and investment tokens). Classification will matter even more: it will decide which licence you need. See Swiss Crypto Licence 2026 guide and why the Swiss fintech licence failed.
Key takeaway
Classify the token before you design the business, not after. The classification decides whether you need an SRO, a securities prospectus, a FINMA licence, or all three. For expert advice on Swiss token regulation, contact us at insight@fintechlex.com.
This article is for general information only and does not constitute legal advice.
