Radar archive — October 2025
Switzerland consults on a licensing regime for stablecoins and crypto
The Federal Council launched a consultation (to 6 February 2026) on amending the Financial Institutions Act to create two new categories: payment-instrument institutions, which replace the existing fintech licence with client-fund segregation in insolvency, removal of the CHF 100 million deposit cap and the ability to issue stablecoins; and crypto-institutions offering digital-asset services under criteria modelled on, but lighter than, securities-firm requirements. The stated aim is to strengthen Switzerland's fintech competitiveness while managing stability and integrity risks.
Implications for capital — A dedicated licensing track would reshape which Swiss entities can issue stablecoins or provide crypto services and how client funds are protected, affecting where digital-asset activity is structured within the Swiss financial centre.
Source: Federal Department of Finance (FDF) / Federal Council
Norway consults on curbing tax-free returns of paid-in capital
On 15 October 2025, alongside the 2026 national budget, the Ministry of Finance opened a consultation (case 25/5850, deadline 15 January 2026) on the rules for tax-recognised paid-in capital (skattemessig innbetalt kapital). The proposals would limit the tax-free repayment of capital to a shareholder's cost price, with changes intended to take effect from the 2027 income year.
Implications for capital — If enacted, the measure would narrow a route for withdrawing funds from Norwegian companies without dividend taxation, with implications for holding-structure planning.