The Swiss Financial Market Supervisory Authority FINMA is today publishing guidance on the disclosure of cryptobased assets in the annual financial statements of banks and securities firms. It is thereby addressing ambiguities that have arisen since the DLT Act entered into force. FINMA emphasises that the existing duties of disclosure must continue to be complied with and provides clarifications.
As part of the DLT legislation, various decrees have made adjustments to the treatment of cryptobased assets. In particular, legal clarifications of the terminology have been provided. The law now refers to cryptobased assets. In addition, the conditions for classifying cryptobased assets as custody assets were laid down with the introduction of Article 16 no. 1bis of the Banking Act.
In this context, the industry has reported various ambiguities to FINMA regarding the disclosure of cryptobased assets in annual financial statements. FINMA can understand this and is providing clarity through this guidance.
FINMA emphasises that the existing duties of disclosure in the annual financial statements remain in force. However, the place of disclosure by banks or securities firms can be adapted in a pragmatic way. At the same time, it clarifies that no more amounts are to be reported in the corresponding section for cryptocurrencies held on a fiduciary basis as part of supervisory reporting.
