The Swiss Blockchain Federation (SBF) re-elected all eleven incumbent board members at its general assembly. Three members stepped down: Guido Bühler, René Hüsler and Patrizia Pesenti. As before, Heinz Tännler remains president, while Lorenz Furrer continues as vice president.
As of the end of 2025, the association counts 96 members. These include eight cooperation partners and seven passive members from the political sphere. In addition, 17 new members joined over the past year. With Bern and Geneva, two more cantons signed on. As a result, six cantons now belong to the federation, which is organized as a public-private partnership, alongside Zug, Zurich, Ticino and Neuchatel.
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Stablecoin dispute with FINMA as the central issue
For the SBF, 2025 was defined by regulatory conflicts. FINMA's supervisory notice 06/2024 on stablecoins stood at the core. In it, the financial market supervisor classifies even the temporary holding of a stablecoin as an ongoing business relationship. Consequently, issuers must identify all stablecoin holders as contractual counterparties. FINMA cites money laundering, terrorism financing and sanctions evasion risks as justification.
However, the SBF sees no legal basis for this practice. Neither the EU nor Singapore, Hong Kong, Japan or the United States require identification of all intermediate holders. If FINMA's approach prevails, stablecoin issuance from Switzerland would effectively become impossible, according to the association. The reason is that no viable business model can operate under these restrictions.
Moreover, global stablecoin transaction volume rose 72 percent in 2025 to $33 trillion. For example, USDC alone recorded $18.3 trillion. While the market grows at this pace, Switzerland risks falling behind.
FINIG revision to create new licensing categories
On October 22, 2025, the Federal Council opened the consultation on the revision of the Financial Institutions Act (FINIG). Two new licensing categories are planned. A payment institution license for stablecoin issuance replaces the previous fintech license. In addition, it removes the former CHF 100 million cap. In parallel, a crypto institution license covers custody, trading and market-making. Blacklisting of sanctioned addresses is included as a compliance tool. The consultation period ran until February 6, 2026.
Furthermore, the SBF coordinated a joint position paper with the Crypto Valley Association, the Swiss Fintech Association and the Capital Markets and Technology Association. Hans Kuhn, former chief legal officer of the Swiss National Bank, led the responsible working group. The Financial Market Infrastructure Act (FinfraG) is also being amended as part of the same package. However, the earliest realistic date for entry into force is 2027.
At the same time, the SBF engaged with the Basel Committee's crypto capital standard. Since January 1, 2026, banks must implement the revised requirements. Tokenized assets and compliant stablecoins receive a moderate risk weight. By contrast, all other crypto assets are subject to a full capital deduction. The exposure limit for this second group stands at 1 percent of Tier 1 capital. Accordingly, the SBF opposed disproportionate capital requirements.
12-point program against international competition
In May 2025, the SBF launched a 12-point program together with the Crypto Valley Association and the Bitcoin Association Switzerland. Its goal is to secure Switzerland's competitiveness as a blockchain hub. The pressure comes from abroad. Specifically, countries in Asia and the Middle East, along with the United States under the Trump administration, increasingly offer more attractive conditions.
Among the demands are innovation-friendly conditions at FINMA as a strategic objective. In addition, the associations call for technology-neutral regulation and binding licensing deadlines of no more than six months. The program also demands the introduction of central bank digital currencies for payment transactions. Moreover, it calls for greater autonomy for self-regulatory organizations and the removal of barriers to foreign investment.
From Crypto Valley pioneer to political force
The SBF was founded in 2018 following a roundtable with Federal Councillor Ueli Maurer, crypto entrepreneurs, politicians and academics. Subsequently, the then economy minister Johann Schneider-Ammann presented the accompanying white paper. Already in 2018 and 2019, the federation played a key role. FINMA became the first regulator worldwide to license two crypto banks: SEBA and Sygnum.
Notably, established and traditional companies are increasingly engaging in the blockchain ecosystem as well. In the current year, the SBF plans to closely accompany the FINIG and FinfraG revision. Furthermore, it aims to advance the 12-point program through the political process. For the federation, which started as a niche initiative in 2018, this marks a clear signal. Its lobbying efforts have gained traction in political Bern.
