A FinTech Legal: Blockchain & Cryptocurrencies Overview

Swiss Regulatory Environment

As regards the cross-border market access to Switzerland, Swiss regulation takes a liberal approach and allows the provision of banking and investment services, asset management services as well as services of a financial intermediary for anti-money laundering (AML) purposes on an inbound cross-border basis to Switzerland without Swiss licensing requirements, as long as the bank, investment firm or other services provider does not establish a presence in Switzerland (through a branch or representation office) and the firm does not otherwise engage persons or third parties in Switzerland leading to the same result (eg, through a de facto branch). The Swiss rules therefore follow a territorial approach in this respect. However, to the extent that the activities conducted in Switzerland are financial services in the sense of the Swiss Financial Services Act (FinSA) directed to Swiss clients, this is subject to compliance with the relevant