Regulation · Regime · Switzerland · Primary legislation · Swiss Federal Council

Swiss DLT Act (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology)Updated 18 Oct 2026

Switzerland's law adapting federal law to distributed ledger technology. It enables securities to be issued on a blockchain as ledger-based securities, creates a licence for DLT trading facilities that can trade and settle DLT securities under one licence, and increases legal certainty for ledger-held assets in bankruptcy. The ledger-based securities provisions applied from 1 February 2021 and the rest from 1 August 2021.

In force · effective 1 Aug 2021

Key points

Securities can be issued on a blockchain as ledger-based securities.^[1]
A DLT trading facility licence lets one venue trade and settle DLT securities under a single licence.^[2]
Legal certainty in bankruptcy is increased for assets held on distributed ledgers.^[1]
The first DLT trading facility licence went to BX Digital in March 2025, as a small facility settling on Ethereum with payment through SIC.^[3]

What it covers

Primary issuance Secondary trading Delivery versus payment (DvP)

Timeline

1 Feb 2021 · In force
Provisions enabling ledger-based securities take effect.^[1]
1 Aug 2021 · In force
The Act comes fully into force with its blanket ordinance.^[1]
18 Mar 2025 · Amended
FINMA licenses the first DLT trading facility (BX Digital); see finma-dlt-trading-facility-bx-digital.^[3]

Permissions granted under it

FINMA licence for BX Digital AG as a DLT trading facilityBX Digital

Deployments operating under it

Deployment	Status	Assets	Use cases	Last reviewed
Taurus Digital Exchange (TDX) marketplace for tokenised securitiesNew Taurus	Live (limited)	Equity	Secondary trading	Reviewed 13d ago
SeturionX (formerly BX Digital) DLT trading facilityNew Seturion	Announced	Undisclosed Structured note	Secondary trading Delivery versus payment (DvP)	Reviewed 21d ago

Likely relevant to

Deployment	Status	Assets	Use cases	Last reviewed
Africa Finance Corporation digital CHF bond on SDXNew SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance	Reviewed 14d ago
Baillie Gifford Enhanced Yield Fund (BAGEY)Updated 6 Nov 2026 BNY	Live (limited)	Fund interest	Primary issuance Fund subscription and redemption	Reviewed 13d ago
Canton of Basel-Stadt digital bond on SDXUpdated 28 Oct 2026 SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 14d ago
BOCI tokenised structured notes on Ethereum (UBS Tokenize)New UBS Tokenize	Live (limited)	Structured note	Primary issuance	Reviewed 22d ago
Canton of Zurich digital bond on SDX SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 14d ago
CHF stablecoin sandbox (CHFD)New Swiss Stablecoin AG	Pilot	Stablecoin	Domestic payments Delivery versus payment (DvP)Programmable payments	Reviewed 13d ago
Fidelity International USD Digital Liquidity FundUpdated 16 Oct 2026 Sygnum	Live (limited)	Fund interest	Primary issuance Fund subscription and redemption	Reviewed 11d ago
City of Lugano digital bonds on SDXUpdated 28 Oct 2026 SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 14d ago
Swiss Bankers Association Deposit Token proof of conceptNew Swiss Bankers Association	Proof of concept	Bank deposit	Domestic payments Delivery versus payment (DvP)	Reviewed 24d ago
SIX Digital Exchange tokenised shares in a regulated CSDUpdated 28 Oct 2026 SIX	Live (limited)	Equity	Primary issuance	Reviewed today
SIX Group dual-part digital bond on SDXNew SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 14d ago
Swiss National Bank Project Helvetia wholesale CBDC pilot on SDXUpdated 15 Oct 2026 SIX Digital Exchange (SDX)	Pilot	Wholesale central-bank money	Delivery versus payment (DvP)	Reviewed 24d ago
City of St. Gallen digital bond on SDX SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 14d ago
UBS digital bond on SDXUpdated 28 Oct 2026 SIX Digital Exchange (SDX)	Inactive	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 22d ago
World Bank digital CHF bond on SDX SIX Digital Exchange (SDX)	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)Asset servicing	Reviewed 25d ago
xStocks tokenised equities (Backed, Kraken)Updated 7 Nov 2026 Backed Finance	Live (scaled)	Structured note	Secondary trading	Reviewed 26d ago

Sources

[1]DLT / blockchain / tokenisation — State Secretariat for International Finance SIF. Accessed 12 Oct 2026.A
[2]FINMA issues first ever approval for a stock exchange and a central securities depository for the trading of tokens — FINMA, 10 Sep 2021. Accessed 12 Oct 2026.A
[3]FINMA licenses first DLT trading facility — FINMA, 18 Mar 2025. Accessed 18 Oct 2026.A