CBSR · 证据资料库
瑞士稳定币监管证据 | CBSR 历史快照
浏览 14 条瑞士稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
瑞士档案区分持牌机构发行与银行违约担保路径。担保、持有人识别及潜在集合投资属性，比固定储备资产清单更关键。记录对利息的讨论是结构性担保问题，不表示一切收益安排均获授权。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
ch-frs-issuer_pathway-001
原记录列出银行或 FinTech 牌照，以及《银行条例》第 5(3)(f) 条银行违约担保排除路径；本条复核时效未知。
快照记录原文 · 不是法条逐字引文
Two issuer pathways. Pathway 1 (licensed institution): an issuer holding a banking licence, or a FinTech licence under Art. 1b of the Banking Act, may issue stablecoins as a licensed institution. Pathway 2 (bank default-guarantee exemption): a non-bank issuer avoids the deposit-taking prohibition by securing a default guarantee (Bankengarantie) from a Swiss bank covering the deposited funds; under Banking Ordinance Art. 5(3)(f) funds covered by such a guarantee are not deposits, so the issuer is not engaged in unauthorized deposit-taking. The entire non-bank issuance market runs through this single textual aperture.储备与资产支持
ch-frs-reserve_backing-001
摘要未列统一法定资产比例表，而是讨论担保覆盖本金与利息，并保留持有人账户资产可能涉及 CISA 集合投资属性的问题。
快照记录原文 · 不是法条逐字引文
There is no statutory reserve schedule (no mandated asset list or percentages). Under the bank-guarantee pathway the protective mechanism is the guarantee, not a prescribed reserve portfolio: the guarantee must cover the principal plus interest of the deposited funds. If the arrangement is structured so that assets are held for the account of holders (rather than as a claim against the issuer), collective investment scheme (CIS) rules under CISA may apply.允许活动与收益边界
ch-frs-permitted_activity_yield-001
记录没有描述一项一概利息禁令，而强调担保路径下利息也须被担保覆盖。此历史研究命题不能代替对具体安排的当前审查。
快照记录原文 · 不是法条逐字引文
Paying yield to holders is NOT prohibited — Switzerland is the clearest survey example of a regime where holder yield is permitted but structurally constrained. Under the bank-guarantee pathway the guarantee must cover any interest earned, so the cost of offering yield is the cost of guaranteeing it; the protective mechanism scales with the yield offered. This contrasts sharply with the prohibition cluster (EU Art. 50; HK Sched. 2 s.15; US GENIUS Act § 4(a)(11)).货币主权与跨境准入
ch-frs-monetary_sovereignty-001
记录未列数量或渠道型货币主权上限，同时指出担保与 AML 持有人识别才是实际结构约束；无用量上限不等于无监管要求。
快照记录原文 · 不是法条逐字引文
There is no monetary-sovereignty usage cap: foreign-currency stablecoins are not restricted by volume or channel. The practical constraints are the bank-guarantee structure and the AML holder-identification requirement, not distribution caps. Switzerland thus sits at the permissive end of the C7 spectrum, in contrast to the EU's Article 23 quantitative cap, the UAE's onshore channel restriction, and the PRC prohibition.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | AML — identify every holder incl. intermediate holders; anonymous transfers prohibited | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Banking-licence vs. DLT-framework routing for issuance | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | Capital — per licence for licensed institutions; no separate schedule under the guarantee pathway | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 跨境数据 | Cross-border transfer — adequacy or safeguards; EU adequacy maintained | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 披露与报告 | AML, disclosure and supervisory reporting expectations | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | Distribution — no caps/channel restriction; guarantee + holder-ID are the practical limits | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 实施状态 | Timeline — guidance Jul 2024; FinIA consultation closed 6 Feb 2026; 6-bank CHF sandbox 8 Apr 2026 | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | Issuer pathways — licensed-institution vs bank-guarantee exemption (BankO Art. 5(3)(f)) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 货币主权与跨境准入 | Monetary sovereignty — no usage cap; foreign-currency tokens unrestricted | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 允许活动与收益边界 | Yield permitted; bank guarantee must cover interest (structural constraint, not prohibition) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 赎回 | Redemption — contractual claim vs issuer / guaranteeing bank; no statutory par mandate; not deposit-insured | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 监管机构 | FINMA as primary stablecoin supervisor; SNB for systemic FMIs; no bespoke statute | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 储备与资产支持 | Reserve/backing — no statutory schedule; guarantee covers principal + interest; CISA characterization risk | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 证券属性认定 | CISA characterization where assets are held for the account of holders | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |