FINMA is the Swiss Financial Market Supervisory Authority. In 2018 it introduced a systematic distinction that still anchors the field today, classifying tokens into three categories:
- Payment tokens — digital means of payment (classical “cryptocurrencies” such as Bitcoin), backed only by supply and demand.
- Utility tokens — access to a platform or application; digital admission tickets rather than investments.
- Asset tokens — the digital form of a classical security, representing a real economic claim.
This taxonomy is why, in Switzerland, “crypto” and “a tokenised security” are not treated as the same thing — a distinction that matters enormously for investors and regulators alike.