On May 26, SWI BX issued directive on crypto asset instruments.
SWI BX issued translated Directive On Crypto Assets As Underlying Instruments.
Main Points
Requirements and technical details for crypto assets as underlying instruments.
Details on additional requirements for crypto assets, which must be based on open source software that is functioning on the principles of blockchain technology.
A consensus protocol must be used and transactions must be verified by the network participants using a clearly defined process; the issuance of further units of crypto assets must be clearly regulated and must not systematically favor individuals.
Before submitting the application for listing of the derivative or ETP, SWI BX must be informed by e-mail on how the requirements are met; confirmation must be provided.
Provisions regarding details in the prospectus under the Financial Services Act (FinSA) or information document, and suspension of trading and termination of admission.
Specific procedure for forks; fees for the processing of complex applications for the admission of a crypto asset may apply, SWI BX will notify the applicant in advance.
Effectiveness
The directive enters into force on Jul. 15, 2025; a transitional period of 6 months from the entry into force of this directive applies to the requirements for the prospectus.
