MiCAR and Switzerland: When Swiss Financial Intermediaries Are Affected
MiCAR is an EU regulation — and it has been fully applicable since 30 December 2024. For issuers of Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs), the obligations have already applied since 30 June 2024. Even without an EU establishment, the regulation may become relevant for Swiss financial intermediaries as soon as crypto-assets with an EU nexus are issued or crypto-asset services are provided to EU clients.
Who may be affected
Affected parties include, in particular, providers of crypto-asset custody, crypto-asset trading, crypto-asset advice, portfolio management with crypto-assets and transfer services, so-called CASPs — Crypto-Asset Service Providers — as well as issuers of stablecoins or other crypto-assets. A traditional Swiss financial intermediary without a crypto offering does not fall under MiCAR solely by virtue of its activity.
In Switzerland itself, the existing framework continues to apply unchanged: the DLT Act, FinIA, the Banking Act and CISA, depending on the activity, supplemented by FINMA’s supervisory practice on the classification of tokens into payment tokens, utility tokens, asset tokens and stablecoins. MiCAR does not replace this framework, but applies additionally as soon as there is an EU nexus.
The EU nexus is decisive
A registered office in Switzerland does not automatically provide protection if EU clients are actively targeted. Relevant factors include, among others: language versions of the website, domain ending, EU-specific marketing material, EU-based intermediaries, payment options in EUR and onboarding processes tailored to EU clients. In December 2024, ESMA published guidelines on the interpretation of reverse solicitation under MiCAR, which specify these criteria.
Reverse solicitation applies only if the EU client actually requests the service on their own initiative. Active solicitation, targeted marketing or an external presentation that is recognisably directed at the EU market weaken this argument. In practice, reverse solicitation must be interpreted narrowly and should be properly documented contractually and procedurally.
Stablecoins: a separate regime
Under MiCAR, stablecoins are subject to a significantly stricter regime than other crypto-assets. Asset-Referenced Tokens and E-Money Tokens are subject to extensive obligations regarding authorisation, own funds, custody, white papers and ongoing supervision. Swiss issuers that wish to offer such tokens in the EU or have them admitted to trading on an EU platform fall under this regime. A purely Swiss structuring is not sufficient in such cases.
Consequences of MiCAR applicability
A Swiss provider falling under MiCAR and unable to rely on reverse solicitation requires CASP authorisation in an EU Member State or must conduct its EU business through an authorised subsidiary, a branch or a licensed partner. This entails requirements regarding own funds, governance, segregation of client assets, complaints handling, market abuse rules and ongoing reporting.
At the same time, MiCAR may lead certain providers to consider Switzerland as a location or secondary location for non-EU or global crypto activities. However, relocation to Switzerland does not exempt a provider from MiCAR if EU clients continue to be actively served.
Recommended assessment
For Swiss financial intermediaries with crypto exposure, a clear analysis is advisable:
• Which services are provided, and how do they qualify under MiCAR?
• Are there active EU clients, or is the EU market recognisably being targeted?
• Can reverse solicitation be documented procedurally and contractually?
• Are ARTs or EMTs issued or distributed?
• Is an EU structure required, or is a proper separation between EU and non-EU business needed?
Conclusion
MiCAR is not directly applicable to many Swiss providers, but it may become applicable very quickly. The decisive factor is not the registered office, but how and where services are actually provided. An early assessment prevents operational decisions from unintentionally triggering MiCAR applicability.
Peak Compliance supports financial intermediaries in Switzerland and Liechtenstein with compliance and risk management services.

