Dirk Spiegel’s assessment: Are your crypto activities FINMA-compliant?

With FINMA Circular 2026/1 the regulator makes it clear: crypto is no longer an experimental playground. Custody, governance and accountability are at the core – and anyone who safeguards or effectively controls crypto assets assumes full regulatory responsibility.

Dirk Spiegel, CEO at velaw, summarises the key points of the circular and explains what supervised institutions should do now in practical terms.

• No special regime for crypto: The circular does not create new laws – it clarifies how existing requirements under FINMASA, FINIA and AMLA are to be applied to crypto business models.
• The biggest risks lie in the organisation: The issue is not the code, but governance, processes and outsourcing structures. Institutions must define clear responsibilities and be able to demonstrate them.
• Custody means responsibility: Anyone who safeguards or effectively controls crypto assets bears full regulatory responsibility – regardless of the technical implementation.

Act now: The circular is already in force. The key question: Are your compliance structures and your legal advice aligned accordingly?