references
The rules each token enforces, and the Swiss law they come from. Rules are enforced on-chain by ERC-3643 identity checks and compliance modules. Issuers can tighten them per token but never loosen them beyond the asset-type preset.
asset-type presets
| Asset type | Holders | Required claims | Legal basis |
|---|---|---|---|
| Residential real estate Only investors who are not 'persons abroad' under Lex Koller may hold shares in a company owning Swiss residential property. Holders are capped at 19 by platform policy. | Max 19 holders (platform policy) | KYC + Lex Koller | BewG Art. 4 para. 1 let. e, Art. 5CO Art. 973d ff.FinSA Art. 36AMLA Art. 3–4 |
| Commercial real estate Property used as a permanent business establishment is exempt from Lex Koller authorisation, so foreign investors are allowed. Holders are capped at 19 by platform policy. | Max 19 holders (platform policy) | KYC | BewG Art. 2 para. 2 let. aCO Art. 973d ff.FinSA Art. 36AMLA Art. 3–4 |
| Private credit / debt Borrowing from more than 20 lenders on a lasting basis is deemed professional deposit-taking, which requires a banking licence unless an exception applies. Holders are capped at 20. | Max 20 holders | KYC | BankA Art. 1 para. 2BankO Art. 5–6FinSA Art. 36AMLA Art. 3–4 |
| Collective investment (qualified investors) Pooled assets managed for investors can constitute a collective investment scheme. Investment companies restricted to qualified shareholders fall outside CISA; the token therefore requires a qualified-investor claim. | Max 499 holders | KYC + Qualified | CISA Art. 2 para. 3, Art. 7CISA Art. 10 para. 3FinSA Art. 36 |
| Equity Shares of an operating company issued as ledger-based securities. Offers to fewer than 500 investors are exempt from the prospectus duty. | Max 499 holders | KYC | CO Art. 973d ff.FinSA Art. 36 para. 1 let. b |
| Commodities Tokens representing allocated commodities (e.g. precious metals in custody). | Max 499 holders | KYC | FinSA Art. 36 para. 1 let. bAMLA Art. 3–4 |
| Art & collectibles Fractional ownership of artworks or collectibles held by an issuing entity. | Max 499 holders | KYC | FinSA Art. 36 para. 1 let. bAMLA Art. 3–4 |
On every token: KYC/AML claim required · Russia, Belarus, North Korea, Iran and Myanmar restricted by default · optional lock-up, max balance per investor, supply cap and extra country restrictions.
investor claims
- topic 1KYC / AML verifiedAMLA Art. 3–4
- topic 2Lex Koller eligible (not a person abroad)BewG Art. 5
- topic 3Qualified investorCISA Art. 10 para. 3
laws & regulations
Code of Obligations — ledger-based securities (DLT Act)SR 220
- Art. 973d–973iRights can be registered on a distributed ledger as ledger-based securities; transferring the token transfers the right.enforced byEach token is an ERC-3643 security token; transfers only settle between verified identities.
Financial Services ActSR 950.1
- Art. 36 para. 1No prospectus is required for offers to professional clients only, to fewer than 500 investors, with at least CHF 100,000 per investor or denomination, or under CHF 8 million over 12 months.enforced byHolder caps of 499 or lower on every preset (MaxHoldersModule, counted per identity).
Collective Investment Schemes ActSR 951.31
- Art. 7Assets raised from investors for collective investment and managed for their account form a collective investment scheme.enforced byFund-like assets use the 'Collective investment' preset.
- Art. 2 para. 3Investment companies whose shareholders are exclusively qualified investors (registered shares) are outside the Act's scope.enforced byQualified-investor claim (topic 3) required for every holder.
- Art. 10 para. 3, 3terDefines qualified investors (professional clients, and retail clients under a long-term asset management or advisory relationship).enforced byCompliance officer issues the claim after checking the investor's status.
Banking ActSR 952.0
- Art. 1 para. 2Non-banks may not accept deposits from the public on a professional basis.enforced byDebt tokens are capped at 20 holders (see Banking Ordinance).
Banking OrdinanceSR 952.02
- Art. 5–6Accepting more than 20 public deposits on a lasting basis is professional deposit-taking; lists the exceptions (e.g. bonds with prospectus information, the CHF 1 million sandbox).enforced by'Private credit / debt' preset: max 20 holders, counted per investor identity.
Lex Koller — Acquisition of Real Estate by Persons AbroadSR 211.412.41
- Art. 4 para. 1 let. eAcquiring shares in a company whose purpose is holding Swiss real estate counts as acquiring the real estate (unless listed on a Swiss exchange).enforced byResidential real estate tokens require the Lex Koller claim (topic 2).
- Art. 5Defines 'persons abroad' (e.g. foreign nationals not resident in Switzerland, non-EU/EFTA nationals without a C permit).enforced byCompliance officer issues the claim only to persons who are not persons abroad.
- Art. 2 para. 2 let. aProperty used as a permanent business establishment does not require authorisation.enforced byCommercial real estate preset does not require the Lex Koller claim.
Anti-Money Laundering ActSR 955.0
- Art. 3–4Financial intermediaries must verify the identity of the contracting party and establish the beneficial owner.enforced byEvery preset requires the KYC/AML claim (topic 1); revoking it blocks the investor on all tokens immediately.
Sanctions — Ordinance on measures in connection with the situation in Ukraine (and Belarus, SR 946.231.116.9)SR 946.231.176.72
- Securities and financial services restrictionsRestricts the sale of securities and the provision of certain financial services to Russian and Belarusian nationals and residents.enforced byRussia (643) and Belarus (112) are restricted by default on every token and cannot be unrestricted by issuers.
FATF — High-risk jurisdictions subject to a call for action (June 2026)FATF
- Call for actionDPRK, Iran and Myanmar are subject to enhanced due diligence and countermeasures.enforced byNorth Korea (408), Iran (364) and Myanmar (104) are restricted by default.
Financial Market Infrastructure Act — DLT trading facilitiesSR 958.1
- Art. 73a ff.Multilateral secondary trading of ledger-based securities requires a DLT trading facility licence.enforced byNot enforced on-chain: the platform handles issuance and bilateral transfers only.
disclaimer
This platform enforces the rules above technically; it is not legal advice. Thresholds and presets reflect the author's reading of Swiss law as of September 2026 (the 19-holder cap on real estate is a platform policy, not a statutory limit). A revision of Lex Koller is under discussion. Every issuance should be reviewed by a qualified Swiss lawyer, and presets can be updated by the platform administrator when the law changes.