The new DLT law (law on the technology of distributed electronic registers) is expected to come into force in 2021. This brings legal certainty in many areas. For example, for the transfer of digital assets (so-called tokens), the segregation of such assets in the event of bankruptcy of a third party and trading in tokens on digital blockchain platforms.

The new requirements that potential providers of DLT trading platforms have to meet in order to be granted a FINMA license are hardly suitable for small providers. This is because they cannot fall within the scope of the legal regulations because they are not financial mediators in the legal sense, or do not want to fall under the scope because complying with the new regulations is burdensome and costly.

In circular 2020/1 of the Swiss Blockchain Federation, working group Security Token, the Possibility of secondary market trading of digital assets outside the FMIA scope of application shown in more detail.

Of particular importance is the question of which trading activities may be offered on digital platforms by smaller companies without having to comply with the new legal requirements. The circular is therefore intended to show smaller companies outside the FMIA scope of individual trading alternatives and framework conditions that can be chosen to offer trading in digital assets on the secondary markets.

Authors of the circular: Guido Bühler (Seba Bank), Hans Kuhn (DALAW), Luzius Meisser (Bitcoin Association Switzerland), Daniel Rutishauser (Inacta), Christopher Schütz (SDX), Alexander Thoma (Postfinance), Claudio Tognella (daura), Rolf H. Weber (University of Zurich), Diego Benz.