Custodians · 2027
Crypto custody
The safekeeping of fund assets: segregation, the deposit boundary and operational security a crypto depositary must meet.
Crypto custodySwiss crypto fund
formation & the L-QIF
A crypto fund in Switzerland runs on the same fund framework as any other: the asset class is crypto, the law is the Collective Investment Schemes Act. The decisions that matter are the vehicle, the manager, the custodian for the digital assets, and the investors. For a qualified-investor strategy, the L-QIF often gives the fastest route to market: no product authorisation, with a regulated manager. We structure all four.
At a glance
A regulated home for a digital-asset strategy.
Vehicle, manager, custodian, distribution: the four decisions that set the route.
- Framework
- Collective Investment Schemes Act
- Fast route
- L-QIF (qualified investors, no product approval)
- Manager
- FINMA-supervised required
- Custody
- Digital-asset depositary
- Distribution
- Qualified vs retail differ sharply
The essentials
What a Swiss crypto fund involves
A Swiss crypto fund is a collective investment scheme holding digital assets, governed by the Collective Investment Schemes Act. The crypto asset class does not create a separate regime; it raises the custody and operational diligence within the existing one. Bringing a fund to market turns on four linked decisions (the vehicle, who manages it, who custodies the digital assets, and which investors it targets), and those decide both the speed of launch and the addressable market.
Who this is for
- managers launching a crypto or digital-asset strategy as a fund;
- promoters targeting qualified and professional investors;
- foreign managers seeking Swiss investors or a Swiss vehicle;
- family offices and institutions structuring digital-asset exposure.
The connected pieces
The custody question ties to crypto custody, the manager licence to asset-management authorisation, and the whole to fund licensing under CISA.
The decision
L-QIF or authorised fund
The single biggest fork is whether you accept a qualified-investor-only fund for speed, or want public distribution and the authorisation it requires. It shapes timeline, cost and market.
| L-QIF | Authorised fund | |
|---|---|---|
| FINMA product approval | Not required | Required |
| Investors | Qualified only | Qualified or retail |
| Manager | FINMA-supervised, mandatory | FINMA-supervised |
| Time to market | Faster | Longer |
| Custodian | Required | Required |
For most professional and institutional crypto strategies, the L-QIF’s speed makes it the natural choice; public distribution to retail is the reason to take the authorised route. The decision is not abstract: it depends on exactly who your investors are, which we settle before structuring.
How it runs
From strategy to launch
The manager and custodian arrangements drive the timeline, so they are resolved first, not last.
- Stage 1
Strategy & investors
The investment strategy, the target investor base, and therefore whether the L-QIF or an authorised vehicle is the route.
- Stage 2
Vehicle & manager
Selecting the vehicle and resolving the manager-of-collective-assets question: the promoter’s own licence or a regulated manager.
- Stage 3
Custodian & service set-up
Arranging a depositary able to custody the digital assets securely and segregably, plus administration and audit.
- Stage 4
Documentation & any approval
Fund documents and prospectus, and the FINMA product authorisation where the route requires it.
- Launch
Distribution
Compliant distribution to the target investors, with representation set up for foreign-fund or cross-border elements.
Budget
What it costs
Cost depends on the route and the infrastructure already in place. An L-QIF launched through an existing regulated manager and custodian is lighter than an authorised public fund or one requiring a new manager-of-collective-assets licence. The ongoing manager, custodian, administration and audit fees are part of the picture alongside the structuring.
We scope against the strategy, vehicle and investor base. Pricing is on request.
Discuss the fund
What you need
What a fund requires
A Swiss crypto fund rests on the regulated infrastructure around the strategy:
- a vehicle fitting the strategy, investors and redemption terms;
- a FINMA-supervised manager, the promoter’s own or appointed;
- a depositary able to custody digital assets securely and segregably;
- fund documentation, and product authorisation where the route needs it;
- a distribution plan matched to qualified or retail investors.
The L-QIF is fast, not unregulated
The L-QIF’s “no product authorisation” headline is sometimes read as “no regulation”. It is not. The discipline moves from product approval to the regulated manager: an L-QIF must be run by a FINMA-supervised institution, can only be offered to qualified investors, and carries the custody, audit and conduct obligations of a real fund. Promoters who treat the L-QIF as a light wrapper to put any strategy in front of any investor misread it: the speed comes from the regulated manager carrying the responsibility, not from the responsibility disappearing.
Why Goldblum
What structuring the fund involves
A crypto fund joins fund law, the manager licence and digital-asset custody. Resolving all three and choosing the fastest lawful route is the financial-regulation work this desk does.
Route
The fastest lawful one
The L-QIF or authorised route chosen against your real investor base, so the fund reaches market as quickly as the law allows for its strategy.
Custody
A depositary that can hold crypto
A custodian able to safekeep digital assets securely and segregably, the piece that most often holds a crypto fund up, arranged and structured.
One desk
Manager, fund and distribution
The manager question, the vehicle, the custodian and the distribution handled together, so the fund launches as a coherent whole rather than disconnected parts.
Related
What a fund connects to
Fund managers
Asset manager licence
The manager-of-collective-assets and portfolio-manager authorisations behind running a Swiss fund.
Asset manager licenceThe wider regime
Fund licence (CISA)
Collective-investment authorisation in full: the framework a crypto fund is one application of.
Fund licence
FAQ
Crypto fund: FAQ
01Can I launch a crypto fund in Switzerland?
Yes. Switzerland regulates crypto and digital-asset funds under the Collective Investment Schemes Act, the same framework as traditional funds, with the asset class being crypto rather than a separate regime. A fund can hold crypto-assets, tokenised securities or a mix, subject to how the strategy and the vehicle are structured. The key decisions are the vehicle, who manages it, who custodies the digital assets, and which investors it targets. Those decisions, taken together, determine the speed and cost of getting to market.
02What is an L-QIF and why does it matter for crypto funds?
The Limited Qualified Investor Fund (L-QIF) is a Swiss fund category, available since March 2024, that does not require FINMA product approval, which dramatically shortens time to market. The trade-off is that it is open only to qualified investors and must be managed by a FINMA-supervised institution. For a crypto fund aimed at professional and qualified investors, the L-QIF is often the most efficient route: the speed of no product authorisation, with the discipline of a regulated manager. We assess whether your fund and investor base fit it.
03Who can manage a Swiss crypto fund?
Managing Swiss collective assets above a de minimis threshold requires a manager-of-collective-assets licence under the Financial Institutions Act, or the involvement of a licensed fund management company. An L-QIF must, by definition, be administered by a FINMA-supervised institution. So the manager question is central: either the promoter holds the appropriate licence, or the fund is run through a licensed manager or fund management company. We map which applies to your set-up and arrange the regulated manager where one is needed.
04Who custodies the assets of a crypto fund?
A Swiss fund needs a custodian (depositary) for its assets, and for a crypto fund this is the acute question, because safekeeping digital assets is not the same as holding traditional securities. The custodian must be able to hold crypto-assets securely and in a way that keeps them segregable and attributable to the fund. This connects directly to the crypto custody regime: segregation, the deposit boundary and operational security all apply. Selecting and structuring the right custodian is a core part of bringing a crypto fund to market.
05Does a crypto fund need FINMA approval?
It depends on the vehicle and the investors. A fund open to the public generally needs FINMA product authorisation; an L-QIF for qualified investors does not require product approval, relying instead on the supervised manager. So the answer turns on whether you accept the qualified-investor restriction in exchange for speed, or want public distribution and accept the authorisation that requires. We set this at the structuring stage, because it is one of the biggest drivers of both timeline and addressable market.
06Which fund vehicle should a crypto fund use?
Switzerland offers several: the contractual investment fund, the investment company with variable capital (SICAV), and others; and the L-QIF can take the form of a contractual fund or a SICAV. The right vehicle depends on the strategy, the investor base, redemption terms and tax considerations. For a qualified-investor crypto strategy seeking speed, an L-QIF structure is frequently the answer; for public distribution, an authorised vehicle is needed. We select the vehicle against the fund's actual objectives rather than a default.
07Can I distribute a crypto fund to investors in Switzerland?
Yes, within the rules. Offering fund interests in Switzerland is regulated, and the requirements differ sharply between qualified investors (professional and institutional) and retail investors, with retail distribution carrying heavier obligations. An L-QIF, being qualified-investor-only, fits a distribution plan aimed at professionals. A foreign crypto fund seeking Swiss investors faces its own representation and registration requirements. We align the vehicle and the distribution strategy so the fund can lawfully reach the investors it targets.
08Can a foreign crypto fund target Swiss investors?
Often, but it is regulated. A foreign fund offered to Swiss qualified investors faces lighter requirements than one marketed to retail investors, which can require Swiss registration, a representative and a paying agent. The crypto asset class does not change the distribution framework, though it raises the custody and operational diligence a Swiss investor and their advisers will expect. We advise foreign managers on the compliant route to Swiss capital and set up the representation where it is required.
09How long does it take to launch a crypto fund?
It depends heavily on the route. An L-QIF, needing no product authorisation, can reach market materially faster than an authorised public fund, provided the regulated manager and custodian are in place. An authorised fund, or one needing a new manager-of-collective-assets licence, takes considerably longer. The realistic timeline is set by which authorisations are already held and which must be obtained, which is why we map the manager and custodian arrangements at the very start.
10How is a crypto fund taxed in Switzerland?
Swiss collective investment schemes have their own tax treatment, generally aimed at tax neutrality at the fund level with taxation at the investor level, though the detail depends on the vehicle and the investors' circumstances. Crypto assets add their own valuation and reporting considerations. Tax is part of the vehicle decision, not an afterthought, and we factor it into the structuring alongside the regulatory route rather than leaving investors with surprises at the first distribution.
11What does Goldblum do on a crypto fund launch?
We structure the whole fund: selecting the vehicle, determining whether the L-QIF route fits, resolving the manager-of-collective-assets question, arranging a custodian able to hold the digital assets, and setting up compliant distribution to the target investors. Where a regulated manager or custodian is needed, we arrange it; where authorisation is required, we run it. The aim is a crypto fund that reaches its investors on the fastest lawful route for its strategy.
Bringing a crypto fund to market?
Tell us the strategy and the target investors. A partner picks the vehicle, resolves the manager and custodian, and sets the fastest lawful route (often the L-QIF) to launch.