On 1 January 2020, the Token and TT Service Provider Act (Token- und VT-Dienstleister-Gesetz, TVTG, also known as the “Blockchain” Act) went into effect. The TVTG entrusts the FMA with the registration and event-driven supervision of service providers that provide their services on trusted technology (TT) systems such as a blockchain.
Persons who were already providing a TT service subject to registration under Article 12 of the TVTG as of 1 January 2020 were able to continue to do so without registration until 31 December 2020 at the latest.
As of 1 January 2021, only TT service providers entered in the FMA register are now authorised to provide the respective services mentioned.
The only exceptions to this are token issuers according to Article 12(2) of the TVTG who publicly offer tokens in their own name and whose issue volume is less than CHF 5 million over the course of 12 months. Such token issuers are not subject to a duty to register and are therefore not entered in the TT service provider register. However, these token issuers are still subject to due diligence supervision to combat money laundering according to Article (3)(1)(s) of the DDA.