Stablecoins in Switzerland
Whether stablecoins are legal, how FINMA regulates them, and the tax treatment of holding them.
This is general information, not legal, tax, or financial advice. Verify the current rules with a qualified local professional and the official regulator before acting.
Holding and using stablecoins is legal in Switzerland. As of April 2026 the Swiss Financial Market Supervisory Authority (FINMA) regulates stablecoins by their economic function rather than by a dedicated statute, so a fiat referenced token can be treated as a bank deposit or a collective investment depending on how it is structured. FINMA Guidance 06/2024 set out when a bank default guarantee can support a stablecoin and stressed that the identity of all holders must be verified under the Anti Money Laundering Act. This is information, not advice.
Are stablecoins legal in Switzerland
Yes. As of April 2026 there is no prohibition on holding or using stablecoins, the tokens designed to track the value of a reference such as the Swiss franc, the euro, or the US dollar. As with other tokens, Switzerland regulates by economic substance, so a stablecoin is assessed for what it is in legal terms rather than by the stablecoin label. Depending on its structure, a fiat referenced token can amount to a deposit accepted from the public, which engages banking law, or to a unit in a collective investment scheme. The classification determines the licensing and the protections that apply.
FINMA Guidance 06/2024
In July 2024 FINMA published Guidance 06/2024 on stablecoins. It clarified that where holders have a redemption claim against the issuer, the arrangement can be treated as taking deposits from the public, which generally requires a banking licence unless an exemption applies. One route described is the use of an irrevocable default guarantee from a Swiss bank, which can let a token be offered without a full banking licence if the guarantee meets minimum standards, including covering each customer individually and being callable quickly if the issuer fails. The guidance also emphasised that, irrespective of the licensing path, the Anti Money Laundering Act almost always applies, and that issuers must verify the identity of all holders, including those who acquire the token on the secondary market.
The framework is still developing. In October 2025 the Federal Council launched a consultation on amendments to the Financial Institutions Act that propose new payment institution and crypto institution categories, which could affect how stablecoin issuance is licensed in future. As of April 2026 these proposals were not yet final law, so anyone issuing or relying on a stablecoin should confirm the current requirements with FINMA. Swiss banks and supervised institutions have issued franc referenced tokens, and the backing and legal status of any given stablecoin should be confirmed with its issuer.
How stablecoins are taxed
For tax, a stablecoin is treated like other crypto assets. As of April 2026 your holdings are part of your taxable wealth and are declared at their value in Swiss francs on 31 December for the cantonal wealth tax. Any interest or reward paid on a stablecoin is generally taxable income, and converting between a stablecoin and another asset is treated under the normal rules, where a private investor's capital gain on a movable asset is usually tax free. The full picture is on the Switzerland tax page.
Regulator and sources
- FINMA Guidance 06/2024 on stablecoins, on default guarantees and the verification of all holders.
- Banking Act and Collective Investment Schemes Act, which can apply to a stablecoin depending on its structure.
- Anti Money Laundering Act (AMLA), supervised by FINMA, requiring identity verification of holders.
- Federal Tax Administration (FTA), for the wealth and income tax treatment of stablecoin holdings.
Sources are named for reference. Always confirm the current position directly with the named regulator or authority before acting.
Frequently asked questions
Are stablecoins legal in Switzerland?+
Yes. As of April 2026 holding and using stablecoins is legal in Switzerland. FINMA regulates them by their economic function, often as deposits or collective investments, and issued Guidance 06/2024 setting expectations on default guarantees and identity checks.
How does FINMA regulate stablecoins?+
FINMA assesses a stablecoin by its structure. A fiat referenced token can be treated as a bank deposit or a collective investment depending on how it is held, and Guidance 06/2024 set out when a bank default guarantee can be used and the requirement to verify the identity of all holders under the Anti Money Laundering Act.
Are stablecoins taxed in Switzerland?+
Stablecoins are part of your taxable wealth and are declared at their 31 December value for the cantonal wealth tax. Any reward or interest paid on them is generally taxable income. A private investor's capital gain on a movable asset is usually tax free. This is not tax advice.
Who issues stablecoins in Switzerland?+
Issuance is open to entities that meet the relevant licensing or guarantee requirements set by FINMA. Swiss banks and supervised institutions have issued franc referenced tokens. Confirm the status and backing of any stablecoin with the issuer and FINMA before relying on it.
Rules change. Swiss stablecoin rules are developing, with reform of the Financial Institutions Act under consultation, and your facts may differ. The positions here carry an as of date of June 2026. Confirm the current rules with FINMA and a qualified local professional before acting.