Legal Opinion on the Regulatory Classification of a Token under Swiss Financial Market Law

Zürcher Rechtsanwälte AG comprehensively advised a Swiss crypto start-up on the regulatory classification of a token under Swiss law. The engagement focused in particular on whether the token qualified as a utility, payment or asset token, or as a stablecoin according to Swiss financial market law and under the practice of the Swiss Financial Market Supervisory Authority (FINMA). In a legal opinion, Zürcher Rechtsanwälte AG concluded that the token qualifies as a payment token and that the issuance of the token is therefore subject to the Swiss Anti-Money Laundering Act. Accordingly, Zürcher Rechtsanwälte AG also supported the crypto start-up in joining a self-regulatory organisation (SRO) and in preparing all required compliance documentation, in particular the AML policy and guidelines.

Sebastian Hepp (Partner, Blockchain / Digital Assets) has many years of experience in advising crypto and FinTech companies on token qualifications and was the lead counsel in this matter.