The Swiss government released its consultation proposal on October 22, initiating a national discussion on the best way to oversee payments guaranteed by stablecoins. The idea proposes a new FINMA-regulated license for issuers of “value-stable blockchain-based tokens.”

 To obtain this license, issuers must fully back their tokens with high-quality, liquid assets, maintain separate reserves, and provide whitepapers that have been reviewed by the regulator.​ The government seeks feedback from industry professionals and the general public by February 2026. After that, the government will finalize the law and implement it.​

Expert Opinions: Making the Franc Stronger

Financial experts believe that Switzerland’s cautious approach provides the national currency with an opportunity to become more stable. Dea Markova, policy director at Fireblocks, says that the framework will help Switzerland’s tokenized asset and bond markets grow by providing them with “cash on chain” as a secure foundation for new ideas.

Hany Rashwan, the inventor of 21Shares, stated that regulated stablecoins could make the Swiss franc more trustworthy and independent, which would help it maintain its value in a world economy that is becoming increasingly digital.​

Details and Protections For The Framework

If the plan is approved, stablecoin issuers will be required to notify FINMA at least 60 days before launch and provide users with the opportunity to redeem tokens at face value within a specified timeframe. Additionally, stablecoins that are traded but not issued in Switzerland will be considered crypto assets rather than payment instruments. 

This means that offshore corporations won’t have to meet domestic reserve requirements until they issue tokens in Switzerland.

The goal of the consultation is to fill the gaps in the legislation, as Swiss laws before this one only covered stablecoins under banking and anti-money laundering rules, without a separate set of rules for token-based payment methods.​

The Stablecoin Ecosystem in Switzerland

Stablecoins are already being utilized in stores, online shopping, tax payments to the government, and cross-border business transactions in Switzerland. Sygnum, SEBA, and Amina are among the largest Swiss banks that now offer stablecoin services for trading and settlements. 

This illustrates the growing importance of the asset.​ Last year, FINMA provided specific guidance to stablecoin issuers on how to address certain risks. This shows that the organization is moving toward more specialized monitoring.

The Global Regulatory Landscape

Switzerland’s move is part of a larger global push for stablecoin regulation, which recent laws, such as the US GENIUS Act, have accelerated.

The European Union, Japan, the UK, and places like Singapore and Hong Kong are also taking steps to control the issuance, custody, and redemption of stablecoins. The consultation process is expected to position Switzerland as a leader in digital asset regulation, fostering innovation while maintaining monetary stability.