New DLT Law in Switzerland

The best links to learn more.

Photo by eberhard grossgasteiger on Unsplash

Since February 1st, the first part of the new DLT law has entered into force in Switzerland. We compiled a list of good resources to learn more about the new possibilities.

Please let us know if we missed other good resources: dlt-law@atpar.io.

DLT Law

Summaries of the changes

• New Swiss DLT Regulations (Article, MME, 2021, 01)
• Swiss DLT Law (Article, Homburger, 2019–12)
• Switzerland: Swiss Legislative Package on DLT (Article, BakerMcKenzie, 2021–01)
• The new Swiss blockchain/DLT laws have been finalised … (Article, CMS, 2020–10)
• New DLT law in practice: tokenisation of rights (LinkedIn Post, MLL, 2021–04)
• Swiss DLT regulatory framework implementation (Article, Seba, 2020–12)
• Swiss Capital Market Law publication dedicated to the DLT Law (Publication; CapLaw, 2020–01)

I) Uncertificated Register Security (Ledger-based Securities)

• Circular from Swiss Blockchain Federation, currently German only (Article, SBF, 2021–02)
• Webinar: New distributed ledger technology (DLT) legislation paves way for digital asset adoption (Presentation, Webinar Recording (free registration required), Lexology Webinars and Lenz & Staehelin)
• Switzerland’s new blockchain law with Luzius Meisser (YouTube Video, Bitcoin Lectures, 2020–12)
• Overview over different security types: Distributed Ledger Technology Legislation in Switzerland (Presentation, KC, 2021–02)

II) DLT Exchange License

• New Swiss DLT Exchange License (Article, MME, 2020–11)
• Circular Secondary Markets for Security Tokens (Article, SBF, 2020–09)

III) Custody Aspects

• Provision of Custody Services for Digital Assets (Article, MME, 2020–10)

IV) Tax Aspects

• Corporations and the Tax treatment of Crypto currencies (YouTube Video, CV Labs) with contributions from Olaf Hannemann (Macro developments in blockchain, 1:37), Remo Merz (Taxation of investments in cryptocurrencies, 11:28), Thomas Lindner (Tax structuring of crypto projects in Switzerland, 22:33) and Silvan Amberg (Taxation of employee token plans, 45:00)

Issuance under the new law

First issuances

• Aktionariat — digitizing its own shares (Article)
• Daura — digitizing shares for MME Compliance AG (Article)
• Sygnum — digitizing wine collection of Fine Wine AG (Article)
• Sygnum – tokenize portfolio of SME loans from Azimut (Article)

Security token offering process

• A guide through Security Token Offerings (STO) — part 2: The STO process [under Swiss law] (Article, Pascal Egloff & Ernesto Turnes)

Associations

• 4T-DLT Initiative
• Capital Market Technology Association
• Crypto Valley Association
• Swiss Blockchain Federation

Additional Resources

• Lichtenstein Blockchain Act Overview (Blog, Nägele Attorneys, ongoing)
• Q&A — Digital Assets in Switzerland (Paper, MLL, 2020–01)

Updates

2021–04–07: Added article “New DLT law in practice: tokenisation of rights” from MLL

2021–03–25: Added new issuance from Sygnum and Azimut

2021–03–02: Added article about a typical STO process under Swiss law from Pascal Egloff “A guide through Security Token Offerings (STO)”

2021–02–28: Added presentation and video from Lexology Webinars and Lenz & Staehelin “New distributed ledger technology (DLT) legislation paves way for digital asset adoption”

2021–02–28: Added video from CV Labs about “Corporations and the Tax treatment of Crypto currencies”

2021–02–28: Some minor readability improvements (linking of resources)

2021–02–05: Added article from CMS Law “The new Swiss blockchain/DLT laws have been finalised”

2021–02–05: Corrigendum: Sygnum tokenized the wine collection of Fine Wine AG and not the shares