There is no single Swiss “crypto licence.” FINMA authorisation depends on the activities a business performs. The benefit of the right licence is a defined legal basis to carry out the regulated activities within its scope—not blanket approval of the company or permission to offer every crypto service. For some eligible deposit-taking models, that route is the FinTech licence; for specified DLT securities market infrastructure, it is the DLT trading facility licence.
What a Swiss crypto licence can—and cannot—do
“Crypto licence” is shorthand, not a single FINMA authorisation category. FINMA assesses a business according to its actual activities, such as accepting deposits, holding assets, dealing in securities or operating trading infrastructure. The applicable permission may be a FinTech licence, a DLT trading facility licence, a banking licence or another authorisation. A FinTech or DLT licence should not be assumed to cover activities outside its scope. See FINMA’s activity-based guidance.
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The central benefit is regulatory clarity: the authorisation specifies which regulated activity the firm may perform, subject to the applicable requirements and supervision. It is not a guarantee of bank access, customers, investor confidence, profitability or commercial success.
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A defined route for eligible deposit-taking
A Swiss institution with a FinTech licence may accept public deposits of up to CHF 100 million or cryptoassets, subject to strict conditions. It may not invest the accepted funds or assets, and it may not pay interest. The institution must use an eligible legal form and have both its registered office and business activity in Switzerland. This is a limited authorisation, not a general banking licence. FINMA’s current FinTech licence requirements set out the conditions.
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A regulated route for specified DLT securities infrastructure
A DLT trading facility licence can authorise qualifying multilateral trading of DLT securities and, where statutory conditions are met, related central custody or clearing and settlement functions. The entity must be formed under Swiss law and have its registered office and head office in Switzerland. At least one statutory trigger for the licence must apply; the category is not a general authorisation for crypto exchanges or token-related services. FINMA explains the scope and requirements on its DLT trading facilities page.
A public regulatory framework and supervision
FINMA grants the relevant authorisation and supervises licensed DLT trading facilities. That gives the business a defined set of regulatory requirements and oversight rather than an informal claim of compliance. Supervision is risk-oriented and principle-based, and external audit firms also have an oversight role. These features establish regulatory structure; they do not establish that customers, banks or investors will prefer a particular firm. See FINMA’s supervisory approach.
Which route might fit the activity?
| Authorisation route | What it can cover | Key qualifications |
|---|---|---|
| FINMA FinTech licence | Acceptance of public deposits up to CHF 100 million or cryptoassets | Accepted funds or assets may not be invested and no interest may be paid. Eligible Swiss legal form, registered office and business activity in Switzerland are required. Source: FINMA. |
| DLT trading facility licence | Specified multilateral trading of DLT securities and, where permitted, qualifying central custody or clearing and settlement | At least one statutory trigger must apply. The entity must be formed under Swiss law and have its registered office and head office in Switzerland. Source: FINMA. |
| Banking or another authorisation | May be relevant depending on deposits, custody, securities dealing or other activities | Determine the route from the operating model; a FinTech or DLT authorisation does not automatically permit unrelated regulated activities. Source: FINMA. |
This comparison is a starting point, not a licensing determination for an individual company. The business model and the activities performed matter more than whether a firm describes itself as a crypto company.
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Application assessment
For a DLT trading facility, FINMA assesses whether the planned activity requires a licence and whether it is permitted within the licensing rules. The application is fee-bearing, and an audit by an audit firm is required before the licence can be granted. The time required depends on project complexity and the completeness and quality of the application; no fixed approval time is established here. FINMA says applicants may present projects before applying. Its DLT trading facilities guidance describes the process.
Operating under the licence
A DLT trading facility cannot begin operating until FINMA grants the licence. Changes to the basis of the licence must be reported; changes of material significance require approval before the facility continues operations. Licensed firms therefore need to account for regulatory review and continuing supervision in their operating plans. See FINMA’s DLT trading facility guidelines and its supervisory approach.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the first DLT trading facility licence demonstrates
On 18 March 2025, FINMA announced that BX Digital AG was the first DLT trading facility to receive a FINMA licence. FINMA described a model intended to provide settlement services downstream of trading to supervised participants, usually banks; the facility did not offer custody. FINMA also said its review addressed business continuity and technical risks, including smart-contract source code. The example shows that the framework has been used in practice, but does not establish that every business model is eligible or that licensing ensures commercial success. Details are in FINMA’s announcement.
FINMA said the framework “supports innovation in the financial centre and specifically in the FinTech sector, without compromising stability and security for market participants.” That statement describes the regulator’s purpose for the framework, not a promise of reputational or commercial benefit for each licensee.
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