Initial Coin Offering in Switzerland

In recent years, Switzerland has solidified its reputation as one of the most favorable jurisdictions for cryptocurrency projects, particularly those involving initial coin offerings (ICOs). Thanks to its forward-thinking regulatory approach, technological infrastructure, and stable legal environment, Switzerland continues to attract blockchain startups, investors, and developers.

As of 2025, launching an ICO in Switzerland is still considered one of the most efficient and secure ways to raise capital for blockchain-based projects. Companies looking to attract international investors may also consider offering incentives such as the Swiss Passport to enhance credibility and establish trust. The Swiss Financial Market Supervisory Authority (FINMA) plays a central role in regulating ICOs to ensure compliance with anti-money laundering laws, securities regulations, and investor protection rules.

This guide provides a comprehensive overview of how ICOs are registered and regulated in Switzerland in 2025, including token classification, the legal status of crypto assets, and the advantages of launching a project in Switzerland.

An ICO (Initial Coin Offering) is a method of raising funds by issuing digital tokens on a blockchain. These tokens are offered to investors in exchange for fiat currency or other cryptocurrencies (such as Bitcoin or Ethereum).

Unlike traditional venture capital or IPO routes, ICOs offer startups a decentralized, direct-to-investor funding mechanism. Depending on the structure, tokens may grant access to a product (utility), represent ownership rights (equity), or function as financial instruments (securities).

For larger projects involving substantial asset management, forming an AG Company can provide the necessary legal structure and shareholder protection. Switzerland’s legal system distinguishes clearly between these token types, which is why a proper legal classification of the token is a mandatory step in the registration process.

The Swiss regulator, FINMA, has issued official guidelines on how ICOs should be handled, and it continues to update them to keep pace with global and technological developments. As of 2025, FINMA focuses on a principle-based, technology-neutral approach, meaning that:

FINMA distinguishes three main categories of tokens, although hybrid tokens are increasingly common:

Hybrid tokens combine features of two or more types and must be evaluated carefully by legal advisors.

Before launching an ICO in Switzerland, project founders should conduct a legal review of their business model and token structure. This is typically done with the help of Swiss law firms or corporate advisory services.

Key preparatory steps include:

These elements will form the basis for contacting FINMA and requesting a legal opinion or no-action letter.

The ICO registration process in 2025 involves the following steps:

Switzerland continues to offer a unique combination of regulatory clarity, technical infrastructure, and international credibility — making it one of the world’s most attractive jurisdictions for ICOs.

Key benefits include:

Known as Crypto Valley, the canton of Zug has established itself as the epicenter of blockchain innovation in Europe. It hosts a dense cluster of startups, exchanges, legal firms, and foundations working on blockchain, DeFi, NFTs, and Web3 technologies.

Why Zug remains a top choice in 2025:

Many projects launch their ICOs through AG companies based in Zug, benefiting from a high level of professionalism, English-speaking infrastructure, and crypto-native culture. For projects involving asset management or trustee services, adherence to the FinIA Act is mandatory to secure proper licensing and operational clearance.

After completing the ICO, companies must fulfill several legal obligations:

Some projects also migrate toward becoming regulated financial institutions (e.g., fintech banks, investment funds, or collective asset managers).

In 2025, Switzerland maintains its leadership as a hub for blockchain fundraising. While the global ICO market has matured, the country continues to offer unmatched clarity, compliance pathways, and access to both capital and innovation talent.

For teams seeking to launch an ICO in a legally secure and internationally recognized jurisdiction, Switzerland — and especially the Crypto Valley of Zug — remains a top-tier choice.

Working with experienced Swiss advisors ensures full legal alignment, tax efficiency, and operational readiness. Whether your project involves DeFi, tokenization, or blockchain infrastructure, the Swiss ecosystem offers tools, trust, and transparency.

To begin your ICO journey in Switzerland, reach out to professional company formation consultants who can assist with legal structuring, regulatory filings, and post-launch compliance.