DLT Securities
Coverage of DLT securities (Registerwertrechte) under Swiss law — issuance, trading, tokenisation, and Switzerland's position in the global tokenised asset market.
The Swiss DLT Act created a new category of security under Swiss law: the DLT security (Registerwertrecht) — an asset that exists only on a distributed register and whose transfer is effected by blockchain transaction. This section covers DLT securities issuance and trading: the SIX Digital Exchange, primary issuance by Sygnum Bank and AMINA Bank, the tokenised bond market, and Switzerland’s position in the global tokenisation landscape.
The Registerwertrecht represents one of the most consequential innovations in Swiss securities law in decades. By granting full legal recognition to ledger-based securities — including the capacity for bona fide acquisition and insolvency segregation — the DLT Act provides a level of legal certainty that most competing jurisdictions have not yet achieved. Our coverage examines both the statutory framework and its practical application.
We track primary issuance activity across asset classes: tokenised bonds, structured products, fund units, and equity instruments issued as DLT securities. Coverage extends to secondary market trading on DLT trading facilities, settlement mechanics, and the evolving custody landscape for ledger-based instruments.
Each issuance profile details the instrument structure, issuer credentials, platform architecture, applicable regulatory perimeter, and market reception. For institutional investors, issuance counsel, and compliance teams, this section provides the comprehensive reference required to assess the Swiss tokenised securities market with confidence and precision.
Project Helvetia: The Swiss National Bank's Wholesale CBDC Experiment on DLT
Project Helvetia stands as one of the most consequential central banking experiments of the past decade. Conducted jointly by the Swiss National Bank (SNB), the …
Project Jura: Cross-Border Wholesale CBDC Settlement Between Switzerland and France
Project Jura extended the wholesale CBDC experimentation pioneered by Project Helvetia into the cross-border domain. Conducted jointly by the Swiss National …
Project Mariana: Automated Market Makers for Cross-Border Wholesale CBDC Exchange
Project Mariana represents perhaps the most conceptually daring central banking experiment to emerge from the CBDC research programmes of the past five years. …
SDX Clearing and Settlement: How Switzerland's Digital Exchange Processes DLT Securities
The SIX Digital Exchange (SDX) represents a fundamental rearchitecting of securities market infrastructure. Rather than layering distributed ledger technology …
Swiss Central Securities Depository: SIX SIS, SDX, and the Future of Securities Safekeeping
The central securities depository sits at the heart of any modern securities market, providing the definitive record of who owns what and ensuring that …
Tokenised Equities in Switzerland: Legal Framework, Market Structure, and Investment Opportunities
The tokenisation of equities represents one of the most consequential developments in Swiss capital markets since the introduction of the Federal Intermediated …
Tokenised Funds in Switzerland: Regulatory Framework, Fund Structures, and Distribution
The tokenisation of investment fund units is reshaping how Swiss asset managers structure, distribute, and administer collective investment schemes. By …
Tokenised Bonds in Switzerland: Issuance Framework
Introduction to Tokenised Bonds in Switzerland
Switzerland has established itself as the preeminent European jurisdiction for the issuance of tokenised bonds, …
Issuing Digital Bonds in Switzerland: The Registerwertrecht Framework and Step-by-Step Process
Switzerland's DLT Act created a new category of security — the Registerwertrecht — in which the ledger entry itself is the bond, not a representation of one. This guide covers the full issuance process, from legal documentation to ISIN assignment, platform selection, and investor onboarding, drawing on the landmark transactions that have shaped the market since 2021.
SIX Digital Exchange: The World's First Regulated DLT Securities Exchange
SIX Digital Exchange (SDX) occupies a unique position in global financial markets: it is the world’s first and, as of 2026, only regulated DLT trading …
Switzerland's DLT Securities Market: Issuers, Instruments, and the Tokenisation Outlook
Switzerland’s DLT securities market is the world’s most legally mature tokenised asset market. Built on the statutory foundation of the Swiss DLT …