{"id":32469,"date":"2026-04-13T13:50:41","date_gmt":"2026-04-13T12:50:41","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/?p=32469"},"modified":"2026-04-14T09:38:51","modified_gmt":"2026-04-14T08:38:51","slug":"swiss-stablecoin-switzerland-is-playing-its-trump-card-in-the-race-for-regulation","status":"publish","type":"post","link":"https:\/\/www.fbt-avocats.ch\/en\/swiss-stablecoin-switzerland-is-playing-its-trump-card-in-the-race-for-regulation\/","title":{"rendered":"Swiss stablecoin: Switzerland is playing its trump card in the race for regulation"},"content":{"rendered":"<div  data-size='featured_large'  data-lightbox_size='large'  data-animation='slide'  data-conditional_play=''  data-ids='32471'  data-video_counter='0'  data-autoplay='false'  data-bg_slider='false'  data-slide_height=''  data-handle='av_slideshow'  data-interval='5'  data-class=' avia-builder-el-0  el_before_av_heading  avia-builder-el-first   '  data-css_id=''  data-scroll_down=''  data-control_layout='av-control-default'  data-custom_markup=''  data-perma_caption=''  data-autoplay_stopper=''  data-image_attachment=''  data-min_height='0px'  data-default-height='42'  class='avia-slideshow avia-slideshow-1  av-control-default av-default-height-applied avia-slideshow-featured_large av_slideshow  avia-builder-el-0  el_before_av_heading  avia-builder-el-first    avia-slide-slider '  itemprop=\"ImageObject\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 52.333333333333%;' ><li  class=' av-single-slide slide-1 ' ><div data-rel='slideshow-1' class='avia-slide-wrap '   ><img src='https:\/\/www.fbt-avocats.ch\/wp-content\/uploads\/2026\/04\/Frederique-Bensahel-stablecoin-regulation-april-2026-1.jpg-1.jpg' width='1200' height='628' title='Frederique-Bensahel-stablecoin-regulation-april-2026.jpg' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div>\n<div style='padding-bottom:10px; font-size:26px;' class='av-special-heading av-special-heading-h1  blockquote modern-quote  avia-builder-el-1  el_after_av_slideshow  el_before_av_hr   av-inherit-size '><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Swiss stablecoin: Switzerland is playing its trump card in the race for regulation<\/h1><div class ='av-subheading av-subheading_below  ' style='font-size:15px;'><p>Allnews &#8211; April 2026<br \/>\nFr\u00e9d\u00e9rique Bensahel<\/p>\n<\/div><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-2  el_after_av_heading  el_before_av_button  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<div class='avia-button-wrap avia-button-left  avia-builder-el-3  el_after_av_hr  el_before_av_hr  '><a href='https:\/\/www.fbt-avocats.ch\/wp-content\/uploads\/2026\/04\/Allnews-Frederique-Bensahel-avril-2026.pdf'  class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-left '  target=\"_blank\"   ><span class='avia_iconbox_title' >Download pdf (available only in French)<\/span><\/a><\/div>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-4  el_after_av_button  el_before_av_textblock  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>Faced with the accelerated regulation of crypto-assets in Europe and the United States, Switzerland is seeking to preserve the appeal and credibility of its financial centre. The Federal Council has presented a draft reform of the Financial Institutions Act (FinIA) aimed at introducing new categories of authorisation, including a specific framework for the issuance of <em>\u2018Swiss <\/em>stablecoins\u2019.<\/p>\n<p>Long characterised by a wide disparity in national approaches, the crypto-asset sector is now undergoing a phase of accelerated standardisation. The European Union has paved the way with the Markets in Crypto-Assets regulation (MiCA), which has been directly applicable in all Member States since 2024. It provides a harmonised framework as well as a valuable passport to a market of 450 million consumers. In the United States, the GENIUS Act, ratified in 2025 and currently being implemented, established the first federal framework applicable to stablecoins.<\/p>\n<p>With its Crypto Valley, Switzerland could not remain on the sidelines of this regulatory movement without risking the marginalisation of its financial centre. It faces a dual challenge: maintaining its competitiveness and appeal whilst ensuring investor protection and the stability of the financial system.<\/p>\n<p>To address this challenge, the Federal Council has put forward a draft amendment to the Financial Services Act (LEFin) for consultation, introducing two new categories of authorisation.<\/p>\n<p>The first, that of a <strong>payment instrument institution<\/strong>, is aimed in particular at issuers of a certain type of stablecoin. Designed as an evolution of the Fintech banking licence \u2013 which has remained little used \u2013 this new authorisation is based on a lighter prudential regime, primarily focused on client protection.<\/p>\n<p>The second, that of a<strong> crypto-institutions<\/strong>, covers a wide range of activities, including the custody of crypto-assets, trading crypto-assets on behalf of third parties, and market-making activities involving crypto-assets.<\/p>\n<\/div><\/section>\n<div style='padding-bottom:10px; font-size:20px;' class='av-special-heading av-special-heading-h2  blockquote modern-quote  avia-builder-el-6  el_after_av_textblock  el_before_av_hr   av-inherit-size '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >One key point remains controversial. Unlike the regimes in force in the European Union and the United States, banks will not be eligible for the payment institution status.<\/h2><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-7  el_after_av_heading  el_before_av_textblock  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>One of the notable advances of the draft is the new framework for the issuance of \u2018stable crypto-based payment instruments\u2019. These are defined as crypto-assets issued in Switzerland, which are pegged to the value of a state-issued currency, designed to maintain a stable value through the holding of underlying assets, accompanied by a legal obligation on the issuer to redeem them at their nominal value.<\/p>\n<p>Only payment instrument institutions will be able to issue such Swiss stablecoins, up to the value of the client funds accepted. They will also be permitted to provide custody services and payment services. The acceptance of client assets, an activity that is banking in nature, is therefore allowed under a new type of authorisation, distinct from the banking licence.<\/p>\n<p>In return, the draft provides for enhanced protection mechanisms. Client assets must be strictly segregated from the institution\u2019s own assets and held in accordance with specific conditions, either as sight deposits or through investments in high-quality liquid assets with a short remaining maturity, denominated in the currency of the stablecoin issued. Their value must at all times correspond to the clients\u2019 assets. Clients will not be entitled to interest, but the institution will be free to retain the income generated by their investment.<\/p>\n<p>In the event of bankruptcy, client assets will be subject to full segregation and will be liquidated separately for the benefit of clients and stablecoin holders, unlike the regime applicable to ordinary bank deposits.<\/p>\n<p>Payment institutions will not be permitted to issue multi-currency stablecoins or algorithmic stablecoins. Stablecoins issued abroad, even if subject to equivalent requirements, will not be recognised as \u2018stable crypto-based payment instruments\u2019\u2019 but will be classified as trading crypto-assets subject to a different regime. Furthermore, payment instrument institutions will not be permitted to redeem or exchange stablecoins issued by other issuers.<\/p>\n<p>The draft provides that capital and own funds requirements will depend on the size of the institution. The CHF 100 million cap on client assets provided for under the current Fintech licence will be abolished.<\/p>\n<p>One key point remains controversial. Unlike the regimes in force in the European Union and the United States, banks will not be eligible for the payment instrument institution status. The Federal Council justifies this exclusion by pointing to the incompatibility between the proposed segregation rules \u2013 which require separate off-balance-sheet assets \u2013 and the legal treatment of traditional bank deposits, which are recorded on the balance sheet as liabilities to clients. In other words, banks will not be able to operate as payment instrument institutions without establishing a dedicated legal structure, a feature of the draft that has been widely criticised. The Swiss Bankers Association considers that such a solution is not justified from a prudential perspective and that it creates a competitive disadvantage for banks.<\/p>\n<p>Overall, the Federal Council\u2019s proposal sets out a convincing regulatory framework, seeking to balance client protection with the needs of a rapidly growing industry. Whilst the exclusion of banks from the system warrants discussion, another challenge for the Swiss financial centre \u2013 acknowledged by the Federal Council \u2013 is FINMA\u2019s ability to process auhorisation applications swiftly. The success of the new regime will therefore largely depend on its practical implementation in terms of costs, predictability and the time taken to grant licences.<\/p>\n<p>On 8 April 2026, six Swiss banks (UBS, PostFinance, Sygnum, Raiffeisen, BKZ and BCV) and Swiss Stablecoin AG announced that they had joined forces to launch a sandbox to test the potential uses of a CHF-denominated stablecoin in Switzerland. This pilot project, initiated within a traditional banking environment, reflects the growing interest of banks in integrating digital currencies into their payment systems.<\/p>\n<\/div><\/section>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-9  el_after_av_textblock  el_before_av_textblock  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '   itemprop=\"text\" ><p style=\"text-align: right;\"><a href=\"https:\/\/www.fbt-avocats.ch\/en\/portfolio-item\/frederique-bensahel\/\">Fr\u00e9d\u00e9rique Bensahel<\/a><br \/>\nPartner &amp; Head of the <a href=\"https:\/\/www.fbt-avocats.ch\/en\/competence\/banking-and-finance\/\">Banking and Finance<\/a>\u00a0group, Geneva<\/p>\n<\/div><\/section>\n<div style='padding-bottom:10px; font-size:20px;' class='av-special-heading av-special-heading-h3  blockquote modern-quote modern-centered  avia-builder-el-11  el_after_av_textblock  el_before_av_hr   av-inherit-size '><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Share on LinkedIn<\/h3><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div style='height:50px' class='hr hr-invisible   avia-builder-el-12  el_after_av_heading  el_before_av_one_fifth  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding first  avia-builder-el-13  el_after_av_hr  el_before_av_one_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-14  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-15  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><div class='av-social-sharing-box  avia-builder-el-16  avia-builder-el-no-sibling   '><div class='av-share-box'><ul class='av-share-box-list noLightbox'><li class='av-share-link av-social-link-linkedin' ><a target='_blank' href='https:\/\/linkedin.com\/shareArticle?mini=true&amp;title=Swiss%20stablecoin%3A%20Switzerland%20is%20playing%20its%20trump%20card%20in%20the%20race%20for%20regulation&amp;url=https:\/\/www.fbt-avocats.ch\/en\/swiss-stablecoin-switzerland-is-playing-its-trump-card-in-the-race-for-regulation\/' aria-hidden='true' data-av_icon='\ue8fc' data-av_iconfont='entypo-fontello' title='' data-avia-related-tooltip='Share on Linkedin'><span class='avia_hidden_link_text'>Share on Linkedin<\/span><\/a><\/li><\/ul><\/div><\/div><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-17  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-18  el_after_av_one_fifth  avia-builder-el-last  \" style='border-radius:0px; '><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Switzerland faces a dual challenge: maintaining its competitiveness and appeal whilst ensuring investor protection and the stability of the financial system.<\/p>\n","protected":false},"author":26,"featured_media":29633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,655],"tags":[560],"datespeciale":[],"yst_prominent_words":[1547,1545,1572,1549,1548,903,1546,1571,1573,906,907,904,816,1544,805,815,905,1543,902,901],"class_list":["post-32469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-and-news","category-news","tag-allnews-en","competences-banking-and-finance","auteurs-frederique-bensahel-en","date-publication-2224","diffusion-groupe-bancaire-en","diffusion-medias-en","diffusion-news-en"],"_links":{"self":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/32469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/comments?post=32469"}],"version-history":[{"count":6,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/32469\/revisions"}],"predecessor-version":[{"id":32481,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/32469\/revisions\/32481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/media\/29633"}],"wp:attachment":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/media?parent=32469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/categories?post=32469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/tags?post=32469"},{"taxonomy":"datespeciale","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/datespeciale?post=32469"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=32469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}