Switzerland
Switzerland's DLT Act remains the reference model for tokenised securities infrastructure. FINMA's proof-of-ownership requirement is the world's strictest Travel Rule interpretation, and the SNB's wholesale CBDC pilot with SIX is now settling live equity trades in central bank digital money.
Comprehensive
FINMA · Swiss National Bank
DLT Act (2021) — dedicated DLT trading facility licence; banking, fund, and securities dealer licences for other activities; FinTech licence for deposit-taking.
AMLA + FINMA Circular 08/03; SRO membership mandatory for non-bank VASPs; CHF 1,000 threshold for non-verified transactions.
Implemented — FINMA Guidance 02/2019 — strictest globally: proof-of-ownership required for self-hosted wallet transfers of any size.
Wealth tax on holdings; no CGT for private individuals; income tax on professional trading and staking.
FIDLEG suitability and disclosure obligations for tokenised financial instruments.
Amends nine federal statutes to accommodate tokenised securities and DLT trading venues.
Deposit vs collective investment vs security classification tests.
Post-trade settlement in central bank digital money via SNB pilot.
Travel Rule proof-of-ownership failures; supervisory fines and monitorships imposed.