CapLaw-2025-05

Digital assets, including cryptocurrencies and tokenized „traditional“ financial assets, are playing an increasingly significant role in financial markets. While the Swiss Bankers Association’s Portfolio Management Guidelines (Guidelines) remain a key reference standard for discretionary asset management, they were developed without consideration for these emerging investment options, raising questions about their compatibility with the framework. This article examines whether cryptocurrencies and tokenized assets can be integrated into portfolios managed under these Guidelines and explores whether a regulatory reassessment may be warranted in light of the evolving investment landscape.