Germany vs Switzerland: crypto regulation compared

Side-by-side across all nine dimensions, each value linked to its primary government source.

Dimension	Germany	Switzerland
CBDC status	Pilot cbdctracker.org ↗	Pilot cbdctracker.org ↗
Legal status	Legal, with restrictions BaFin ↗	Legal, with restrictions FINMA ↗
VASP licensing	Regime in force Deutsche Bundesbank / BaFin (MiCAR Title V) ↗	Regime in force FINMA — FinTech licence (Art. 1b Banking Act) ↗
Stablecoin rules	In force Deutsche Bundesbank (MiCAR Titles III & IV) ↗	In force FINMA — Guidance 06/2024 ↗
Tax treatment	Mixed (CGT + income) Bundesfinanzministerium (BMF) — income tax + CARF ↗	Mixed (CGT + income) Federal Tax Administration (ESTV) ↗
DeFi treatment	Addressed Deutsche Bundesbank ↗	Addressed Swiss Financial Market Supervisory Authority (FINMA) ↗
NFT classification	Addressed Federal Financial Supervisory Authority (BaFin) ↗	Addressed Swiss Financial Market Supervisory Authority (FINMA) ↗
Mining policy	—	—
Enforcement intensity	Moderate Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) ↗	Moderate Swiss Financial Market Supervisory Authority (FINMA) ↗