Switzerland Opens AML Route for Crypto Firms via SROs as Four Bodies Tighten Standards

Switzerland is offering crypto companies a route to anti-money laundering compliance through self-regulatory organizations (SROs). The model applies to smaller exchanges, brokers, and custody wallet providers, which can join an SRO under the authorization framework of the Swiss Financial Market Supervisory Authority (FINMA). In this setup, the SRO reviews the company's AML controls. Firms acting as financial intermediaries — handling token exchanges, customer wallet custody, or payment token issuance — must hold a full FINMA license or become SRO members. VQF, PolyReg, ARIF, and SO-FIT oversee most of these crypto activities; after a company submits its business plan, organizational structure, and AML procedures, reviews are typically completed in two to four months. In early 2026, the four SROs jointly raised the minimum standards for virtual asset service providers, adding coverage of transaction monitoring, blockchain analysis, and technical controls. At the end of 2025, the Swiss Federal Council launched a consultation on new license categories under the Financial Institutions Act, covering crypto custody, trading infrastructure, and payment token issuance.