Switzerland: Federal Council opened consultation on amendment to Financial Institutions Act, including licensing for cryptocurrency institutions

On 22 October 2025, the Federal Council opened a consultation on the amendment to the Financial Institutions Act, including licensing for cryptocurrency institutions, until 6 February 2026. The amendment introduces a new authorisation regime for cryptocurrency institutions engaging in custody, trading, and staking of crypto assets with trading characteristics, extending beyond stablecoins and utility tokens. It allows crypto institutions to custody assets, trade on behalf of clients, conduct proprietary trading, and offer custodial staking services. Licensed entities must meet capital, liquidity, recordkeeping, segregation, and risk management obligations.