Strong Foundation, Too Little Speed: Switzerland Under Pressure in the Digital Financial Market
The Swiss Blockchain Federation (SBF) is publishing the first global benchmark study, “Infrastructure First”. It compares 15 international financial centers and ranks Switzerland 6th.
Switzerland has a strong foundation but needs to catch up. It is well positioned on legal certainty and digital market infrastructure. On speed, international connectivity and scaling, Switzerland is losing ground.
The SBF is calling on Switzerland to shift up a gear: faster regulatory procedures, better market access and a clear strategic positioning for institutional digital assets.
Securities, bonds, funds or means of payment can be tokenized today. Ownership and payment rights are represented in digital units known as tokens and transferred via a regulated blockchain infrastructure. A global race has therefore begun over who builds and operates this infrastructure and who sets its standards. This is about far more than technology: it is about value creation, skilled jobs and strategic influence in the financial system of the future. For Switzerland, a great deal is at stake.
The full study can be found here
A Wake-Up Call for Switzerland
This is exactly why the Swiss Blockchain Federation, with the support of AMINA Bank and MME, produced the “SBF Global Benchmark Study 2026: Infrastructure First”. The study answers the strategic question of where the regulated financial market infrastructure of the next generation will emerge, and whether Switzerland will retain a leading role.
The result is a wake-up call. Among the 15 global locations examined, Switzerland ranks 6th. Ahead of it are the USA, Singapore, the United Kingdom, Germany and Japan, with Luxembourg following right behind. The study compares the locations across eleven dimensions, shows their respective strengths and weaknesses, and derives a concrete strategic agenda for Switzerland.
World Class Foundations, Room to Catch Up on Speed, Connectivity and Scale
Switzerland continues to have exceptionally strong foundations. These include an early DLT legal framework, legal clarity, a regulated digital market infrastructure, specialized banks and custodians, as well as a first class research landscape and a broad ecosystem. But the lead built up in the past is shrinking. Other financial centers have learned from Swiss strengths and are now turning them into market ready solutions, international connectivity and new applications more quickly.
The study sees the greatest need to catch up in three areas.
First, implementation speed is lacking: the next regulatory development step is coming too slowly. The revision of the Financial Institutions Act (FinIA), the absence of practical frameworks for CHF stablecoins and the lack of predictable procedures at the Swiss Financial Market Supervisory Authority (FINMA) are slowing the conversion of legal clarity into new business models and productive applications.
Second, market depth, liquidity and international connectivity are lacking. The Swiss home market is structurally small. It is therefore crucial that Swiss market infrastructures, banks and custodians become connectable across borders and gain access to international issuers, investors and trading venues. Without this connectivity, even a first class infrastructure stays below its potential.
Third, there is a need to catch up on AI × Blockchain and talent. Switzerland is strong in research and education. However, it still too rarely turns this strength into scalable applications for compliance, risk management, cyber resilience and settlement. In the future, competition will be decided not only by technology, but also by the ability to bring technology into regulated financial market processes.
Heinz Tännler, President of the Swiss Blockchain Federation:
“This study shows that the competition for the infrastructure of the future does not begin at some point down the road. It is already underway. Switzerland has a strong foundation. But we must not assume that legal quality and trust alone are enough. We need to translate both more quickly into international relevance, concrete applications and lasting value creation.”
Five SBF Demands for the Swiss Financial Center
1. Strengthen innovation and speed at FINMA.
Innovation should once again be explicitly anchored as a strategic goal. Licensing procedures must become clearer, faster and more predictable.
2. Create a practical framework for CHF stablecoins and digital forms of money.
The framework must be technology neutral, proportionate and risk based, and enable secure institutional applications.
3. Improve international market access.
Switzerland must pursue additional targeted market access agreements and could, for example, advance the further development of its agreement with the United Kingdom on digital financial services.
4. Deepen liquidity and market connectivity.
Swiss market participants must gain access to international trading, custody and settlement platforms via interoperable connections, and with it access to more issuers, investors and liquidity.
5. Bring technology and talent to market faster.
Research, the financial industry and infrastructure operators should jointly bring applications in AI × Blockchain, compliance, cyber resilience and programmable settlement to market maturity.
These demands do not call for weaker supervision. They call for supervision and a legal framework that combine innovation, competitiveness and investor protection.
A Swiss Niche Instead of Trying to Copy Larger Markets
The study does not recommend that Switzerland imitate New York, London or Singapore. Its potential lies instead in a clear, defensible niche: as a trustworthy, neutral and internationally connected location for institutional digital assets. This includes tokenized bonds, funds, collateral and private market assets, institutional custody, as well as programmable, cross border settlement.
What the Study Shows
The “SBF Global Benchmark Study 2026” compares 15 global financial and DLT locations across eleven dimensions. It contains the ranking, country profiles, an analysis of Switzerland’s strengths and gaps, international case studies, and concrete recommendations on regulation, digital forms of money, market access, interoperability, cyber resilience and the combination of AI and blockchain. It thus provides a fact based foundation for politics, authorities, the financial industry, technology companies and academia.
Franz Bergmüller, CEO of AMINA Bank: “The early FINMA licenses for digital assets in 2019 gave Switzerland a head start in digital regulation. This advantage is real, and the report confirms these strengths. At the same time, it also shows that other countries and locations are picking up speed. We rank 6th. AMINA operates in four jurisdictions. As a result, we see that Switzerland’s starting position remains strong. However, to stay at the top, we need to keep pace with the speed we observe in other jurisdictions such as Hong Kong, the EU, the United Arab Emirates and the USA. Digital assets are a reality. Now we need to shift up a gear.” At the same time, it is becoming clear that investors assess trends in a more differentiated way. While topics such as technology, infrastructure or sustainable investments continue to attract strong attention, there is growing caution toward overheated segments. The study makes clear that investors no longer react only to headlines, but increasingly to well founded analysis and traceable data. This leads to more stable portfolios and an overall more mature investment structure that is less shaped by short term emotions.
Dr. Andreas Glarner, Legal Partner, and Thomas Linder, Tax Partner, MME: “When it comes to digital ownership, Switzerland should once again aspire to set standards worldwide. For that, we need a reliable legal framework that assesses digital assets according to their actual functions. Regulation should enable innovation, not run behind it.”
As a Network Partner of the study, FINANZ offers its visitors an exclusive 20% discount on the purchase of the “SBF Global Benchmark Report 2026: Infrastructure First”.
The study is available now in the Swiss Blockchain Federation’s online shop: to the shop. To receive the discount code, please contact info@finanz-ch.ch.
About the Swiss Blockchain Federation
The Swiss Blockchain Federation (SBF) is a public-private initiative to promote innovation in the field of blockchain and digital assets. It brings together representatives from business, government, academia and civil society with the aim of strengthening the attractiveness and international competitiveness of Switzerland as a blockchain location. As a link between business, regulation and politics, the SBF advocates for legal certainty, innovation friendly framework conditions and the broad application of blockchain based solutions. Through its expert working groups, publications and political engagement, the Federation promotes professional dialogue, provides impetus for the strategic development of the field and contributes to the long term development of a dynamic and trustworthy blockchain ecosystem.
For further information, please contact Sofia Nicoli, Junior Consultant at furrerhugi. ag, Bleicherweg 14, CH-8002 Zürich, +41 44 251 01 43, sofia.nicoli@furrerhugi.ch.
Comments