Smaller exchanges, brokers and custodial wallet providers can join FINMA-authorized self-regulatory organizations instead of seeking full licenses, as Switzerland tightens virtual asset standards and consults on new licensing categories.
Switzerland is using a self-regulatory organization (SRO) model to give crypto firms an anti-money laundering compliance route under FINMA (Swiss financial regulator), allowing smaller exchanges, brokers and custodial wallet providers to operate by joining an authorized SRO instead of obtaining a full FINMA license. Crypto companies engaged in token exchange, customer wallet custody or payment token issuance as financial intermediaries must choose one of those two paths. VQF, PolyReg, ARIF and SO-FIT oversee most of the activity, and reviews are usually completed in 2 to 4 months after firms submit a business plan, organizational structure and anti-money laundering procedures. The four bodies jointly raised minimum standards for virtual asset service providers in early 2026, adding requirements around transaction monitoring, blockchain analysis and technical controls, while the Swiss Federal Council opened a consultation in late 2025 on new license categories under the Financial Institutions Act covering crypto custody, trading infrastructure and payment instrument issuance.