The new DLT Act (Act on the Technology of Distributed Electronic Registers) is expected to come into force in 2021. This will bring 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 the bankruptcy of a third party and the trading of tokens on digital blockchain platforms. The new requirements that potential providers of DLT trading platforms must meet in order to obtain a FINMA license are hardly suitable for small providers. This is because they cannot fall within the scope of the legal provisions, because they are not financial intermediaries in the legal sense, or do not want to fall within the scope because compliance with the new provisions is complex and costly. Circular 2020/1 of the Swiss Blockchain Federation, Security Token Working Group, therefore describes the possibility of secondary market trading of digital assets outside the scope of the FMIA 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 scope of the FMIA individual trading alternatives and framework conditions that can be chosen in order to offer trading in digital assets on the secondary markets. http://blockchainfederation.ch/wp-content/uploads/2020/10/SBF-2020-01_Secondary_Markets_for_Digital_Securities.pdf 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.