# What Is the Significance of the "FINMA No-Action Letter" in Switzerland? ▴ Learn

**Published:** 2025-11-16
**Categories:** Learn

---

## What Is the Significance of the “FINMA No-Action Letter” in Switzerland?

A "FINMA no-action letter" from the Swiss Financial Market Supervisory Authority signifies that the authority will not take enforcement action against a specific token offering, based on the facts presented. Its significance is that it provides a high degree of regulatory certainty for the project, making Switzerland a favored jurisdiction for compliant token launches (ICOs and STOs).

What Regulatory Actions Might Trigger the Reclassification of a Token?

How Does the MiCA Regulation in the EU Impact Crypto Offerings?

What Is a ‘No-Action Letter’ and How Can It Benefit a Reverse ICO Issuer?

How Do Different International Jurisdictions (E.g. Switzerland, Singapore) Treat ICO Regulation?

## Discover More

- 
### [What Is the Significance of the ‘Delta’ Option Greek in Risk Management?](https://crypto.greeks.live/learn/what-is-the-significance-of-the-delta-option-greek-in-risk-management/)
![This composition of stacked, highly polished, monochromatic components visually models the complex stratification of an options risk surface. The varying diameters and the subtle, convex caps suggest discrete strike price ladders, potentially representing various implied volatility skews across different maturities within decentralized finance perpetual futures protocols. The dark, reflective quality mimics the opacity surrounding on-chain price discovery mechanisms, while the precise layering illustrates the layered nature of portfolio margin requirements and delta-gamma exposures. It evokes the structural geometry underpinning high-frequency arbitrage opportunities in synthetic asset markets, where premium decay necessitates constant rebalancing against spot price drift. The structure subtly references Black-Scholes framework applications to crypto asset hedging strategies like straddles or condors.](https://crypto.greeks.live/wp-content/uploads/2025/10/Asymmetric-Stacking-of-Glossy-Hedging-Instruments-Reflecting-Volatility-Surface-Contours.jpg)

Delta measures option price sensitivity to the underlying price, used for hedging and achieving market neutrality.

- 
### [What Is the Significance of Token Vesting Schedules in DAO Treasury Planning?](https://crypto.greeks.live/learn/what-is-the-significance-of-token-vesting-schedules-in-dao-treasury-planning/)
![A macro view captures a glowing cyan crystalline element resembling an arrow or stylus protruding from a segmented mechanical base set against absolute black. This structure metaphorically represents the precise trajectory of a decentralized finance native asset's emission schedule, potentially signifying controlled unlock mechanics. The opaque inner structure suggests locked liquidity pools or non-transferable escrowed staking rewards subject to a vesting cliff. This precision symbolizes transparent smart contract execution governing options expiry mechanics and calculating underlying asset volatility skew. The sharp tip projects forward embodying aggressive market entry or preemptive strike capability in high-frequency decentralized exchange arbitrage strategies involving perpetual futures contracts. Deep understanding of these time-locked mechanisms informs risk management concerning systemic counterparty exposure.](https://crypto.greeks.live/wp-content/uploads/2025/10/Luminescent-Crystalized-Pointer-Analogy-for-DeFi-Protocol-Governance-Token-Vesting-Schedules.jpg)

Vesting aligns incentives, prevents immediate token dumping by insiders, and provides predictable supply for treasury planning.

- 
### [What Is the Significance of the Rho Greek in DeFi Options That Reference Stablecoins?](https://crypto.greeks.live/learn/what-is-the-significance-of-the-rho-greek-in-defi-options-that-reference-stablecoins/)
![The close-up depicts two metallic instruments intersecting at a precise pivot point, resembling a gimbal or micrometer adjustment mechanism, positioned above a dark printed circuit board exhibiting integrated circuit dies and surface-mount components. This configuration symbolizes the meticulous calibration required for decentralized finance protocol management or setting critical parameters in smart contract execution. The silvered tool shafts suggest high-precision measurement fundamental to calculating Black Scholes implied volatility surface mappings for exotic options structures settled on-chain, perhaps illustrating the reconciliation between traditional financial engineering and distributed ledger technology risk management frameworks. Specific nomenclature like perpetual swap settlement mechanics or collateralized debt positions demand this level of analytical rigor, echoing the physical alignment shown here.](https://crypto.greeks.live/wp-content/uploads/2025/10/Precision-Instrument-Alignment-Over-Black-Blockchain-Substrate-Analogous-to-Option-Strike-Price-Calibration.jpg)

Rho measures sensitivity to the risk-free rate, which is often proxied by volatile stablecoin lending rates in DeFi.

- 
### [What Is the Significance of Collateralization in a Smart Contract-Based Derivatives Platform?](https://crypto.greeks.live/learn/what-is-the-significance-of-collateralization-in-a-smart-contract-based-derivatives-platform/)
![This visual suggests a critical juncture in decentralized finance mechanics, specifically referencing the initiation or activation sequence within a DAO structure. The smooth, pale external casing frames a darker reflective center, perhaps symbolizing a secured ledger state or the protected pool of underlying collateral. The protruding, translucent cyan element, resembling a stylized control lever or actuator, implies direct user input analogous to exercising an option or submitting an execution order. This mechanism models the delicate balance required for executing on-chain governance proposals or triggering automated smart contract settlements. Keywords include collateralized debt positions perpetual futures liquidation threshold delta hedging tokenomics vesting schedule liquidity provisioning automated market maker settlement layer. The aesthetic evokes the precision required for high-frequency options expiry management within distributed autonomous organizations.](https://crypto.greeks.live/wp-content/uploads/2025/10/Decentralized-Autonomous-Organization-Governance-Token-Initiation-Lever-Activation-on-Yield-Bearing-Protocol-Interface.jpg)

Collateral acts as a decentralized guarantee against counterparty default, managed automatically by the contract code.

- 
### [What Is the Significance of the “Schedule” in the ISDA Master Agreement?](https://crypto.greeks.live/learn/what-is-the-significance-of-the-schedule-in-the-isda-master-agreement/)
![The image presents a macro view of a highly hydrophobic surface, displaying a deep sapphire blue segment beaded with minute liquid droplets juxtaposed against a matte beige plane, separated by a dark channel, subtly overlaid by a mint cyan square element. This visually suggests the non-fungible characteristics of smart contract execution boundaries, mirroring the volatility surface of perpetual swaps where liquidity provision encounters slippage resistance. The beads symbolize discrete atomic transactions or perhaps the microstructure of order book depth, reflecting the challenge of maintaining tight bid ask spreads under transient market microstructure noise. The cyan square could represent a bounded collateral tranche or a notional expiration window within a complex options payoff diagram, crucial for calculating implied volatility skew in decentralized finance options protocols. This encapsulates managing counterparty risk across decentralized exchange limit order books, demanding robust gamma scalping strategies against unpredictable funding rate oscillations.](https://crypto.greeks.live/wp-content/uploads/2025/10/Hydrophobic-Surface-Tension-Modeling-in-High-Frequency-Crypto-Derivative-Liquidity-Provision.jpg)

The customizable section of the ISDA where parties define specific terms like governing law, eligible collateral, and operational details.

- 
### [What Is the Significance of the Ethereum Virtual Machine (EVM)?](https://crypto.greeks.live/learn/what-is-the-significance-of-the-ethereum-virtual-machine-evm/)
![This macro shot reveals a complex metallic disc featuring intricate blue circuitry patterns surrounding a central black nodal point, suggestive of a hardware security module or cryptographic key storage. The design evokes the architecture of a decentralized autonomous organization governance token or a cold storage private key interface. The detailed etching mirrors the multilayered structure of options clearing houses or complex smart contract logic governing perpetual swaps. Centralized asset custodianship contrasts sharply with this decentralized visual metaphor, highlighting themes of cryptographic immutability and secure off chain execution for high frequency trading mechanisms. The metallic finish suggests durability necessary for long term settlement layers in DeFi protocols.](https://crypto.greeks.live/wp-content/uploads/2025/10/Secured-Digital-Asset-Key-Mechanism-Embedded-Within-Sophisticated-Financial-Hardware-Interface.jpg)

The EVM is the decentralized, virtual computer that executes smart contract code, ensuring deterministic and secure contract execution.

- 
### [What Is the Significance of a Futures Exchange Being ‘Regulated’?](https://crypto.greeks.live/learn/what-is-the-significance-of-a-futures-exchange-being-regulated/)
![The visual displays two mirrored, fluidic structures bisected along a sharp diagonal plane against a deep stochastic background. This abstract representation evokes the complex interdependencies within decentralized finance DeFi options layering mechanisms. The pale teal core suggests underlying asset valuation metrics like underlying spot price movement in volatile synthetic asset pools. Black and gray contours delineate structural boundaries akin to collateralized debt positions CDP or secured borrowing envelopes. The composition hints at hedging strategies against Black Swan events affecting perpetual swap contract settlements or gamma exposure realization in high-frequency trading environments. This visualizes the inherent asymmetry of risk management when dealing with novel AMM designs and complex structured products requiring precise option Greeks monitoring for arbitrage desk stability.](https://crypto.greeks.live/wp-content/uploads/2025/10/Symmetric-Segmentation-of-Biomorphic-Cryptocurrency-Portfolio-Volatility-Metrics-Under-Extreme-Liquidation-Events.jpg)

Regulation ensures adherence to strict standards for risk management, transparency, and consumer protection, attracting institutions.

- 
### [What Is the Significance of the Collateralization Ratio in a CDP?](https://crypto.greeks.live/learn/what-is-the-significance-of-the-collateralization-ratio-in-a-cdp/)
![This close-up captures a sharply beveled edge, beige metallic surface intersected by dark blue, structured planes, starkly contrasted against absolute black background, symbolizing a critical pricing inflection point. The small, precisely drilled aperture suggests a reference datum for system integration or collateral pinning. Conceptually, this represents the precise execution boundary of a deeply in the money crypto option nearing expiration, perhaps a perpetual swap contract where the basis aggressively converges toward parity. The keen edge illustrates the zero-sum outcome of delta hedging realized at the strike price expiration time. Keywords include: Implied Volatility Surface basis convergence crypto options perpetual futures settlement mechanics margin requirement slippage risk quantification tokenized asset derivatives. This visual dichotomy emphasizes the binary outcomes inherent in high-frequency derivatives arbitration.](https://crypto.greeks.live/wp-content/uploads/2025/10/Sharp-Edge-Bifurcation-Point-Modeling-Volatility-Skew-in-Blockchain-Derivatives-Settlement-Instruments.jpg)

It is the ratio of collateral value to debt value, ensuring over-collateralization to protect the system and trigger liquidation if breached.

- 
### [What Is the Significance of the “Expectation of Profits” Criterion for Token Classification?](https://crypto.greeks.live/learn/what-is-the-significance-of-the-expectation-of-profits-criterion-for-token-classification/)
![Sharp angular planes of slate gray acrylic intersect with translucent cyan glass and a planar golden element suggesting divergent price action pathways. This assemblage embodies the complex topology of non-linear payoff structures in exotic options, particularly within decentralized exchange perpetual swaps. The central pivot point signifies a reference rate mechanism where liquidity providers manage counterparty risk exposure. A slender metallic rod terminating in a smooth sphere projects outward, symbolizing realized volatility measurement against predicted stochastic drift inherent in high-frequency arbitrage loops. The structure implies a delicate balance, mirroring delta hedging requirements across layered synthetic asset constructs, essential for maintaining systemic stability amidst latent blockchain settlement finality uncertainties. The aesthetic captures algorithmic trading precision meeting underlying derivative mechanism design.](https://crypto.greeks.live/wp-content/uploads/2025/10/Abstract-Geometric-Depiction-of-Asymmetric-Volatility-Surface-Hedging-Strategies-in-Decentralized-Finance.jpg)

This criterion determines if the token purchase is primarily for financial gain from others' work, which indicates a security.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://crypto.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Learn",
            "item": "https://crypto.greeks.live/learn/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Is the Significance of the &#8220;FINMA No-Action Letter&#8221; in Switzerland?",
            "item": "https://crypto.greeks.live/learn/what-is-the-significance-of-the-finma-no-action-letter-in-switzerland/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "http://greeks.live#organization",
    "name": "Greeks.Live",
    "url": "http://greeks.live",
    "description": "About Greeks.live Greeks.live is a dedicated platform within the professional crypto trading ecosystem, powered by a proprietary Large Language Model (LLM) engine. Our mission is to provide traders with a decisive edge by synthesizing institutional-grade data, advanced analytics, and the foundational knowledge required to master them. The platform offers clear, data-driven analysis on key market areas, from options to RFQ trading. It serves as an extensive and dynamic repository of knowledge, answering critical questions and exploring complex trading strategies. While the information is LLM-generated and sourced from diverse, real-time market data, we urge traders to integrate these insights as one component of a comprehensive trading strategy. Greeks.live is designed as an advanced educational and analytical tool\u2014a foundation for building informed, data-driven trading decisions. Disclaimer The content on Greeks.live is generated using LLM technology and relies on publicly available market data. It is intended for informational and educational purposes and does not constitute financial advice. While we strive to provide accurate and reliable insights, the content may have inherent limitations in the fast-moving crypto market. All trading involves significant risk. We recommend cross-referencing with multiple sources and performing your own due diligence before making any financial decisions. Our Purpose Greeks.live is committed to fostering strategic proficiency, clarity, and transparency in the crypto options market through open access to institutional-grade tools and knowledge.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://crypto.greeks.live/wp-content/uploads/2025/10/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        },
        {
            "@type": "WebSite",
            "name": "RFQ Newsfeed",
            "url": "https://rfq.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Crypto Options Learning Directory",
            "url": "https://options.greeks.live"
        }
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Crypto Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "http://greeks.live#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Crypto Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "http://greeks.live#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Crypto Trading",
                "url": "https://greeks.live/",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "http://greeks.live#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Deribit Crypto Trading",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "http://greeks.live#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "OKX Crypto Trading",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "http://greeks.live#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "AI Crypto Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "http://greeks.live#organization"
                }
            }
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://crypto.greeks.live/learn/what-is-the-significance-of-the-finma-no-action-letter-in-switzerland/"
    },
    "headline": "What Is the Significance of the \"FINMA No-Action Letter\" in Switzerland? \u25b4 Learn",
    "description": "Provides a high degree of regulatory certainty that FINMA will not take enforcement action against a specific token offering. \u25b4 Learn",
    "url": "https://crypto.greeks.live/learn/what-is-the-significance-of-the-finma-no-action-letter-in-switzerland/",
    "datePublished": "2025-11-16T16:02:53+00:00",
    "dateModified": "2025-11-16T16:02:53+00:00",
    "articleSection": [
        "Learn"
    ],
    "author": {
        "@id": "http://greeks.live#organization"
    },
    "publisher": {
        "@id": "http://greeks.live#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://crypto.greeks.live/wp-content/uploads/2025/10/Macro-Analysis-of-Interlocking-Legacy-Hardware-Components-Representing-Digital-Asset-Infrastructure-Opacity.jpg",
        "caption": "The close-up depicts the hinge area of two distinct, tactile electronic devices, one beige/tan and the other cyan exhibiting surface wear, set against absolute blackness. This juxtaposition symbolizes the layered complexity of integrating physical infrastructure with digital financial ecosystems, specifically within sophisticated cryptocurrency derivatives markets. The observable structural indentations and ports on the teal component resemble critical connection points or hardware security modules HSMs necessary for securing private keys and facilitating cold storage vault access crucial for high-value portfolio management. These elements represent the necessary, yet often opaque, physical layer supporting decentralized exchange DEX operations and complex trade execution strategies involving options gamma scaling or futures contract rolling within regulated digital asset environments. Understanding this underlying physical fragility informs risk assessments regarding custodial vulnerabilities, which contrasts sharply with the mathematical certainty of underlying blockchain cryptography governing staking rewards or automated market maker AMM invariant functions."
    },
    "keywords": [
        "Anti-Enforcement Stance",
        "Asset Tokenization Rules",
        "Blockchain Compliance",
        "Compliant Token Launches",
        "Crypto Asset Regulation",
        "Crypto Legal Certainty",
        "Crypto Regulatory Approval",
        "Digital Asset Framework",
        "Digital Securities Offering",
        "Financial Market Supervision",
        "FINMA Enforcement Action",
        "FINMA Guidance Document",
        "FINMA No Action Letter",
        "ICO STO Compliance",
        "Initial Coin Offerings",
        "Regulatory Certainty",
        "Regulatory Clarity",
        "Regulatory Precedent Setting",
        "Security Token Offerings",
        "Swiss Crypto Hub Status",
        "Swiss Financial Market Supervisory Authority",
        "Swiss Fintech Regulation",
        "Swiss Regulatory Landscape",
        "Switzerland Blockchain Policy",
        "Switzerland Jurisdiction",
        "Token Issuance Guidance",
        "Token Offering Regulation",
        "Token Project Approval",
        "Token Sale Guidelines",
        "Token Securities Classification"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://crypto.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://crypto.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://crypto.greeks.live/learn/what-is-the-significance-of-the-finma-no-action-letter-in-switzerland/
