In This Article
Switzerland officially launched a public consultation recently aimed at overhauling the regulations governing stablecoins.
Swiss Financial Market Supervisory Authority (FINMA) introduced the new proposal on 22 October 2025. The proposal presents a framework, seeking public and industry feedback on the regulatory treatment of stablecoin-based payment instruments. “The bill is aimed at improving the framework conditions for the market development, the attractiveness of the Swiss financial centre and integration of innovative financial technologies into the existing financial system,” the press release said.
The Swiss government expects the new regulation to increase the attractiveness of Switzerland as an economic and financial centre for innovative and technology-driven business models, and ensure that it remains well-positioned with respect to other major financial centres going forward. “Switzerland is also using the bill to implement international standards,” the press release said.
🇨🇭Switzerland long known as the vault of financial stability is stepping into the crypto Era!
The Swiss gov has launched a plan for a backed by the Swiss franc backed stablecoins to be issued under official regulation!! pic.twitter.com/d7QfzGtQ8e— ALLINCRYPTO (@RealAllinCrypto) November 6, 2025
Dea Markova, Policy Director For Fireblocks, Weighs In
Will this move bolster the Swiss franc’s strength and stability? Industry experts weigh in. In an exclusive chat with 99Bitcoins, Dea Markova, Policy Director for Fireblocks, said, “The reforms create regulatory clarity by formally defining how stablecoins fit into Swiss financial law.”
“Domestic stablecoins will be recognized as payment instruments, giving them legal certainty and supporting their use in on-chain payments and settlement,” said Markova. “Foreign-issued stablecoins, by contrast, will not need to relocate reserves to Switzerland but will be treated as crypto assets rather than payment instruments.”
This dual-track system balances competitiveness with risk management, positioning Switzerland as a hub for tokenized finance and cross-border settlement while enabling the use of stablecoins in multiple currencies, not just CHF.
Over the next few months, as stablecoin demand skyrockets, Switzerland’s stabelcoin story will unfold.
What the Introduction of Payment Instrument Institutions and Crypto-institutions Means for Corporates and Investors?
The new categories open up broader participation in the financial system, issuers, and payment providers can become licensed entities to issue or transact with stablecoins under Swiss supervision.
For corporates, this means new options for cross-border payments, treasury management, and onchain settlement that could reduce friction compared to traditional banking rails. For investors, it improves transparency and reduces counterparty uncertainty, as stablecoin issuers will operate under explicit regulatory oversight.
At the same time, these institutions may create competitive pressure on banks, as onchain payment rails challenge traditional deposit-based systems.
What are the Regulatory and Compliance Implications for Swiss Stablecoins and Trading Crypto-Assets?
Swiss-issued stablecoins will face reserve and liquidity requirements determined by secondary legislation, including what proportion must be held in cash or other liquid assets. These details will directly affect issuer profitability and systemic safety.
Foreign stablecoins will remain regulated as crypto assets, avoiding double reserve requirements but lacking the same legal status as Swiss payment instruments.
The consultation also highlights AML/KYC and cybersecurity as key focus areas.
About Fireblocks
The digital asset infrastructure company, FireBlocks, was founded in 2018 by Michael Shaulov, Idan Ofrat, and Pavel Berengoltz. It provides secure custody and transfer infrastructure for financial institutions, exchanges, and other businesses to manage digital assets.
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