4 Minutes
Switzerland launches public consultation on stablecoins
Switzerland has opened a public consultation proposing a dedicated regulatory framework for stablecoins under the supervision of FINMA, the country's financial markets regulator. The draft sets out a new licensing category for issuers of value-stable, blockchain-based tokens and asks industry and the public to comment on the design and operational requirements until February 2026.
Why the move matters for crypto and the Swiss franc
Industry observers see the consultation as a significant step toward formalising stablecoin issuance in one of the world's most respected financial centres. Experts argue that a clear licensing regime could help accelerate tokenised markets in Switzerland by providing tokenised cash that enables seamless settlement of digital securities and bonds. Some commentators also believe properly regulated stablecoins could reinforce confidence in the Swiss franc, supporting monetary stability and sovereignty.
Key elements of the draft framework
The proposal introduces a specific licence for payment instrument institutions that issue value-stable tokens. Issuers would be required to fully back tokens with high-quality liquid assets, keep reserves segregated from other business assets, and publish a FINMA-approved whitepaper that discloses essential information about the token, reserve composition and redemption mechanics.
Other notable rules in the draft include a mandatory 60-day notification period to FINMA before a launch, and a legal guarantee that token holders can redeem stablecoins at face value within a short timeframe. The draft also clarifies the treatment of offshore stablecoins: tokens issued abroad and only traded in Switzerland would be regulated as crypto assets rather than as legal payment instruments, and foreign issuers would not be required to relocate or duplicate reserves in Switzerland so long as they do not issue domestically.
Existing context and market adoption
Stablecoins have been a practical component of Switzerland's crypto ecosystem for years, used for payments, e-commerce, municipal tax collection and cross-border settlement. Until now, stablecoins were governed by existing Swiss laws such as the Banking Act and the Anti-Money Laundering Act, but lacked a tailored licensing regime that treats them explicitly as payment instruments. FINMA previously published guidance focused on risk management for stablecoin issuers, and several licensed Swiss banks and custodians, including Sygnum, SEBA and Amina, have already integrated stablecoins into custody, settlement and institutional services.
Voices from the industry and global context
Experts say Switzerland's deliberate pace has advantages. By studying frameworks emerging from the EU, the US and other crypto-forward jurisdictions, Swiss policymakers can adopt tested approaches and avoid early regulatory missteps. Some industry leaders highlight that a regulated stablecoin market is essential to scaling tokenised asset classes, since cash on chain is a prerequisite for efficient tokenised bond and equity markets.
Globally, regulators are racing to set standards for fiat-backed stablecoins. The momentum accelerated following major developments such as the GENIUS Act in the United States, which established federal rules for stablecoin issuance. Other key jurisdictions including the EU, Japan, the UK, Singapore and Hong Kong have all been working on parallel regulatory frameworks covering issuance, custody, redemption and reserve requirements.
Next steps and timeline
The consultation remains open until February 2026. After the public comment period closes, the Swiss government is expected to finalise the legislation and begin implementation. If adopted, the new licensing regime would provide greater legal clarity for issuers, intermediaries and institutional participants, and could position Switzerland as a competitive hub for regulated stablecoins and tokenised financial markets.
For crypto stakeholders, market participants and policymakers, the consultation represents an opportunity to shape practical rules for reserves, governance, consumer protection and operational resiliency in the stablecoin sector. With clear regulation, Switzerland aims to balance innovation with monetary safety and market integrity.
Source: crypto
Comments
Marius
Regulated stablecoins could help, sure. But is FINMA ready? Who audits reserves, crossborder rules, or are we just papering over risk?
vaultix
Whoa, Switzerland actually doing this? Love the clarity but kinda nervous about gov oversight... hope it stays open and fair, not overbearing
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