Global Stablecoin Regulation
Swiss retail users can legally hold and use stablecoins. FINMA Guidance 06/2024 clarifies when fiat-referenced tokens can be offered without a full banking license if investors' redemption claims are covered by an irrevocable Swiss bank guarantee and AML/KYC rules apply. The SNB has no retail CBDC; it focuses on wholesale CBDC pilots on SDX.
Legal Status
Legal with restrictions
Regularity Clarity
3/5
Regime Status
In-Force
Allowed Types
Fiat Referenced
Classification
Function Dependent
Function-dependent. A stablecoin may constitute deposit-taking/bank business (requiring a license) unless structured with a compliant bank guarantee. Some models may fall under collective investment schemes or securities rules. Not legal tender; AMLA applies.
Regulatory Authorities
Consumer Protection
Reserve Requirements
For non-bank issuers promising par redemption to the public, a Swiss bank guarantee in favor of token holders is required to avoid deposit-taking; backing must be safeguarded so redemptions work even if the issuer defaults.
Auditing
No universal monthly cadence. External audit/attestation and clear disclosures are expected case-by-case under applicable laws and the issuer's set-up.
Redemption Rights
Par redemption must be effectively ensured (via bank or compliant bank-guarantee structure) with clear, disclosed processes. No statutory 'five-day' rule appears in the guidance.
