Generally, stable coins are not governed by a specific regulation. Many (but not all) confer a redemption claim (contractual claim against issuer) on underlying assets or direct ownership rights.
Per FINMA, different existing financial market laws can apply:
- “often give rise” to licensing under Banking Act (Banks) or Collective Investment Schemes Act (Funds)
- AMLA (Anti-Money Laundering Act) – “almost always applicable” due to means of payment (Supervision & AML)
- FinMIA (Financial Market Infrastructure Act) – probable if a payment system “of significant importance” launched
Individual assessment is decisive for stable coin projects.