Crypto-assets and blockchain-based legal infrastructure under Swiss law: regulatory framework, private-law treatment and emerging challenges

This contribution examines the legal and regulatory framework governing crypto-assets and blockchain-based legal infrastructure under Swiss law. Switzerland follows a technology-neutral and functional regulatory approach that seeks to accommodate innovation while preserving legal certainty, consumer protection, financial stability and market integrity. Against this background, this article first analyses the legal status of crypto-assets in Switzerland, focusing on token classifications under the Swiss Financial Market Supervisory Authority (FINMA) guidelines and their treatment under Swiss banking and financial market law. Particular attention is paid to the qualification of tokens as securities, applicable licensing requirements and anti-money-laundering obligations affecting crypto-related activities. The contribution then describes current regulatory developments relating to stablecoins and central bank digital currencies, including the prospects of a Swiss wholesale CBDC, and examines their systemic implications for the broader crypto ecosystem.

Beyond financial regulation, this article explores the emergence of blockchain as a legal infrastructure, addressing the evidentiary value of on-chain records, the legal treatment of DAOs and the rise of blockchain-based dispute resolution mechanisms. A further section is devoted to the tokenisation of real-world assets, analysing both its private-law implications and the private international law challenges arising from cross-border tokenised transactions. The contribution then turns to the legal treatment of smart contracts and automated contracting under Swiss law, highlighting the limits of code-based execution and the continued relevance of traditional contract law requirements. Finally, the article briefly considers the limited role of regulatory sandboxes and experimental frameworks in Switzerland as instruments of innovation policy. Overall, the contribution argues that the Swiss approach offers a coherent and adaptable model while underscoring the need for continued adjustment of the legal framework as technology evolves.