The new DLT (distributed ledger technology) law is expected to come into force in 2021. This will create 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 the trade with tokens on digital blockchain platforms.

The new requirements that potential providers of DLT trading platforms must meet 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 because they do not want to fall within the scope because compliance with the new provisions is complex 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 scope of the FinfraG is therefore described in more detail.

Of 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. Thus, the Circular is intended to show smaller companies outside the FinfraG application area individual trading alternatives and framework conditions that can be chosen to offer trading of digital assets on the secondary markets.

Authors of the Cirucular: 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.