SWITZERLAND
Germany
France
Bern
Switzerland
Law and Practice Contributed by: Oliver Widmer and Niku Gholamalizadeh Pestalozzi
Italy
Contents 1. Overview of Blockchain and Crypto-Assets p.628 1.1 Blockchain p.628 1.2 Crypto-Assets p.630 2. Regulation p.631 2.1 Regulators and International Alignment p.631 2.2 Crypto-Asset Regulatory Frameworks p.631 2.3 Regulated Firms and Legal Wrappers p.632 2.4 Token Issuance p.632 2.5 Market Abuse p.632 2.6 Non-Compliance p.633 3. Licensing and Set-Up Requirements p.633
3.1 Licensing Requirements p.633 3.2 Set-Up Requirements p.633 3.3 Change of Control p.634 3.4 Passporting p.634 4. Cross-Border Services p.634 4.1 Marketing p.634 4.2 White Labelling p.635 5. Decentralised Finance p.635 5.1 Ability to Use DeFi p.635 5.2 DeFi Structures p.635 5.3 Liability p.635 6. Payments and Stablecoins p.636
6.1 Payments p.636 6.2 Stablecoins p.636 7. Tokenisation and Real-World Assets p.636 7.1 Treatment p.636
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