Regulation · Regime · Switzerland · Primary legislation · Swiss Federal Council
Swiss amendment to the Financial Institutions Act on payment instrument institutions, stablecoins and crypto-institutions
A draft Swiss law creating two new licence types: payment instrument institutions, replacing the fintech licence and alone allowed to issue Swiss stablecoins ("stable crypto-based payment instruments" pegged to one state currency), and crypto-institutions for trading and custody services in other crypto-assets, broadly comparable to EU CASPs. Consultation ran from October 2025 to February 2026; the Federal Council said a bill would go to Parliament in the second half of 2026 at the earliest.
Consultation open
Key points
- Only payment instrument institutions may issue stable crypto-based payment instruments; holders must have a right to reimbursement.[1]
- Issuers must meet licensing and operating requirements and publish a white paper; client funds are segregated if the institution fails, and the CHF 100 million deposit cap of the fintech licence is removed.[1]
- Secondary trading in these stablecoins is not further regulated beyond custody and anti-money-laundering rules.[1]
- Crypto-institutions would need a licence for services in crypto-assets for trading, including foreign-issued stablecoins, under requirements modelled on securities firms.[1]
What it covers
Timeline
- 22 Oct 2025 · ConsultationFederal Council opens the consultation.[1]
- 2026 · Proposed · upcomingDispatch to Parliament expected in the second half of 2026 at the earliest.[1]
- 6 Feb 2026 · ConsultationConsultation closes.[1]
Deployments operating under it
None recorded with a source yet.
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| CHF stablecoin sandbox (CHFD)New Swiss Stablecoin AG | Pilot | Reviewed 13d ago | ||
| Ripple Payments cross-border settlementUpdated 7 Nov 2026 Ripple | Live (scaled) | Reviewed 1d ago |
Sources
- [1]Fact sheet: New regulation: Switzerland as a location for stablecoins and cryptos — State Secretariat for International Finance SIF, 22 Oct 2025. Accessed 12 Oct 2026.A
- [2]Federal Council moves forward with stablecoins and crypto: consultation launched — Swiss Federal Council (admin.ch news service), 22 Oct 2025. Accessed 13 Oct 2026. No dispatch (Botschaft) to Parliament found as of 13 October 2026..A