The Swiss Blockchain Federation regrets the rejection of the parliamentary initiative “Allow collective custody of cryptocurrencies” (Business 24.480), which Benjamin Fischer presented to the Economic Affairs and Taxation Committee of the National Council (WAK-N).

The proposed targeted deletions in the Banking Act would have had a major impact: They would have quickly and easily eliminated a significant competitive disadvantage for Switzerland – a globally unique “Swiss Finish” – compared to international competitors.

Why this adjustment is important:

• Operational simplification and efficiency: Today, Swiss providers must technically separate crypto holdings on the blockchain – complex, costly, and risky. Collective custody allows purely accounting-based segregation, as is common internationally, and increases technology neutrality.
• International compatibility: The current Swiss special regulation is unique worldwide and disadvantages local crypto providers. An adjustment would make the Swiss regulatory framework competitive again in a dynamic environment.
• Support from the Federal Council: The Federal Council also supports collective custody in the draft of FINIG. With this initiative, a relatively uncontroversial aspect could have been implemented early. It will take years before the FINIG reform comes into force.
• Targeted, lean adjustment without new risks: The proposed change is minimally invasive, without additional risks. A banking license remains required for public deposits. The Anti-Money Laundering Act is not affected.

Since the introduction of the DLT Act in 2021 to strengthen Switzerland as a crypto hub, the country has steadily fallen behind internationally. As SBF, we will continue to advocate for Switzerland to be strengthened as one of the global leaders in blockchain and crypto technologies.