FINMA treats cyber risk, key management, third-party dependency and bankruptcy protection as central custody risks.
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FINMA Guidance 01/2026 · Editorial explanation
Custody of Cryptobased Assets: FINMA Guidance 01/2026
An independently authored explanation of FINMA's supervisory communication of 12 January 2026. It is not legislation, an official translation, investment advice or confirmation that a particular custody model is permitted.
Key takeaways
Key takeaways
This material explains the official publication without reproducing it and is not an official translation or individual advice. Current legislation, cantonal practice and the facts must be checked before application.
A Swiss bank generally need not hold capital against segregable client cryptoassets, but use of a foreign sub-custodian requires equivalent prudential supervision and insolvency protection.
An individual portfolio manager must select an appropriate custodian and cannot bypass client protection through a foreign product.
A narrow exception for existing deficient arrangements requires full risk disclosure, presentation of suitable alternatives and the client's written consent.
Swiss collective investments and collateralised crypto ETPs face additional CISA, FinSA and FinSO rules; compliant custody does not remove investment risk.
01
Risk, segregation and insolvency
Cryptoassets depend on technical infrastructure, expertise and secure private-key controls. Third-party custody adds counterparty risk and the question whether assets can be segregated from the custodian's insolvency estate. For custody by a Swiss bank, the segregable-client-asset framework links to Articles 16 and 37d BA and Article 242a DEBA. Where the custodian is abroad, FINMA expects equivalent prudential supervision and comparable legal protection in insolvency.
02
Portfolio management and custodian selection
Article 24 FinIO requires individual-portfolio assets to be kept client-segregated with an appropriate regulated institution. For cryptoassets, the manager examines technical capability, supervision and insolvency protection. FINMA describes an exception for certain existing deficient arrangements only where the increased risks are documented to the client, suitable alternatives are identified and written consent is obtained. Establishing a foreign fund or product does not remove the Swiss institution's client-protection responsibility.
03
Funds, structured products and investors
Assets of a Swiss collective investment scheme are generally held by a Swiss custodian bank; delegation is possible to an appropriate equivalently supervised custodian where comparable insolvency protection exists. Structured products and crypto ETPs offered to retail clients require an enforceable guarantee or real collateral that remains protected if the custodian fails. FINMA separately stresses that custody compliance does not make a cryptoasset safe or remove volatility and the risk of substantial loss.
Fedlex · ESTV · FINMA
Official source
This material explains the official publication without reproducing it and is not an official translation or individual advice. Current legislation, cantonal practice and the facts must be checked before application.
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