Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
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| Dimension |
Pinned 🇬🇮 Gibraltar partly open Verified 2026-07-03
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🇨🇭 Switzerland
partly open
Verified 2026-07-03
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|---|---|---|
| Licence type | GFSC DLT Provider licence under the Financial Services (DLT Providers) Regulations 2020 (in force since 1 Jan 2018), required of any firm using DLT to store or transmit value belonging to others in/from Gibraltar. Principles-based (10 core principles), not a MiCA-style category licence. | No single crypto licence - regulated by economic function (FINMA token taxonomy; DLT Act 2021). Typical exchange/custodian/broker needs SRO/AMLA affiliation (e.g. VQF) plus, where deposits/custody are involved, a FinTech licence (Banking Act Art. 1b); larger deposit-taking needs a banking licence; a DLT trading facility needs FinMIA authorisation. |
| Regulator | Gibraltar Financial Services Commission (GFSC), with a dedicated DLT/innovation team running pre-application engagement; also the AML/CFT supervisor under the Proceeds of Crime Act 2015. | FINMA (Swiss Financial Market Supervisory Authority) grants all prudential licences; for AML only, firms affiliate with a FINMA-recognised SRO (e.g. VQF). |
| Capital requirement | Gibraltar capital requirement is locked. Unlock with the £349 pass. | Switzerland capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Gibraltar timeline to authorisation is locked. Unlock with the £349 pass. | Switzerland timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Gibraltar local substance is locked. Unlock with the £349 pass. | Switzerland local substance is locked. Unlock with the £349 pass. |
| Application cost | Gibraltar application cost is locked. Unlock with the £349 pass. | Switzerland application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Gibraltar ongoing cost is locked. Unlock with the £349 pass. | Switzerland ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Gibraltar passporting is locked. Unlock with the £349 pass. | Switzerland passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Gibraltar mica casps approved is locked. Unlock with the £349 pass. | Switzerland mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Gibraltar key restrictions is locked. Unlock with the £349 pass. | Switzerland key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | Fee increases in force 1 Apr 2025 (application GBP 45k; annual trade-fee cap GBP 90k); world-first Digital Clearing & Settlement Framework announced 13 May 2025; Restricted Promotions rules (May 2025); CARF adoption from 2026; and a DLT Regs overhaul with progressive MiCA-alignment signalled Feb 2026 (draft expected 2026). UK transitional passporting extended to 31 Dec 2026. | FINMA licensed the first DLT trading facility (BX Digital, 18 Mar 2025); Federal Council consultation (22 Oct 2025 - 6 Feb 2026) proposes to ABOLISH the FinTech licence and replace it with two new categories, Payment Instrument Institutions and Crypto-Institutions, under an amended Financial Institutions Act (FinIA). Confirmed timeline as of this check: new provisions are not expected to enter into force before 2027; existing FinTech-licensed firms will be automatically transitioned to the new Payment Instrument Institution licence without a fresh application, provided they meet the new rules within one year of entry into force. The reform also removes the current CHF 100m deposit cap and adds client-fund segregation on insolvency. FINMA Guidance 01/2026 on crypto custody (12 Jan 2026). |
| Difficulty rating | Gibraltar difficulty rating is locked. Unlock with the £349 pass. | Switzerland difficulty rating is locked. Unlock with the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.