In 2018, FINMA published Guidelines outlining the potential application of financial market laws in case of issuance of payment, utility or asset tokens. In 2020, the parliament unanimously adopted the «DLT Framework Act», introducing (amongst others) the ledger-based securities as token instrument, the segregation of crypto assets in the event of bankruptcy similar to the segregation of intermediate securities, and the DLT trading platforms for DLT securities. Since many new crypto assets business models emerged in the meantime and the Markets in Crypto-Assets Regulation (MiCAR) of the EU came into force at the end of 2024, a certain need to adapt the Swiss regulations has become obvious.

With the support of experts including Bratschi’s Rolf H. Weber, the State Secretariat for International Finance (SIF) is presently preparing a so-called «norm-concept» («Normenkonzept») that should become the foundation for future new and adapted legal rules. The overarching framework is designed to build a coherent normative environment for crypto markets (similar to MiCAR). A key issue concerns the regulation of payment services providers, particularly the issuers of stablecoins (with fiat-money underlying);thereby, competitive disadvantages through regulatory burdens for stablecoin providers in Switzerland should be avoided. Furthermore, Swiss crypto assets services providers (CASP) must be able to offer trading opportunities for cryptocurrencies and other crypto-assets on the DLT infrastructure.

All efforts contributing to the design of a new regulatory framework for crypto markets should unfold based on a coherent typology and taxonomy and be in line with generally accepted normative principles such as the proportionality and appropriateness guidelines. The ongoing discussions of the SIF and other financial markets authorities (SNB, FINMA) with practitioners and academics will help to frame the regulations in an innovation-friendly manner.