CMTA

What CMTA does

CMTA (The Capital Markets and Technology Association) is an independent, not-for-profit, non-governmental association established in 2018 under Swiss law and headquartered in Geneva. Founded by Lenz & Staehelin, Swissquote Bank, and Temenos AG with the support of EPFL, the association develops open technical and legal standards for the issuance, distribution, and trading of securities in tokenized form using distributed ledger technology. Its primary constituents are Swiss corporations seeking to tokenize equity, financial institutions issuing or trading tokenized securities, debt issuers, and digital asset custodians, with regulatory bodies (FINMA, stock exchanges) acting as adjacent stakeholders.

The association's core product is the CMTA Token (CMTAT) framework, an open, blockchain-agnostic smart contract standard for tokenizing equity, debt, and structured products, with reference implementations released under Mozilla Public License 2.0 for Ethereum (Solidity), Tezos (SmartPy), Aztec (Noir, privacy-preserving), and Solana. Complementary standards include the Digital Assets Custody Standard (DACS) for custody providers, the Standard for the Tokenization of Debt Instruments, AML Standards for Digital Assets, and a Model Prospectus for FinSA-compliant offerings. CMTA also operates certification programs (Tokenized Shares, Tokenized Debt, DACS) issued after review by pre-approved technology and legal experts, and has built supporting modules such as a Rule Engine for conditional transfers and a Delivery-versus-Payment smart contract integrated with the Swiss Interbank Clearing system via targens DLT2Pay.

CMTA's revenue model is subscription-based, funded primarily through annual membership fees from 40+ member organizations spanning banks, technology providers, and law firms. Specific fee schedules are not publicly disclosed. The association actively participates in Swiss regulatory consultations (DLT Act, Lex DLT ordinance, FinIA amendments) and has expanded internationally through formal collaborations with Singapore's Project Guardian, Germany's BfeW, and a growing roster of issuers including UBS, Credit Suisse, Vontobel, Pictet, Sygnum Bank, and Zand Bank across Switzerland, Germany, Singapore, Hong Kong, and the UAE.

Name

CMTA

Legal name

Capital Markets and Technology Association (CMTA)

Website

https://cmta.ch

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

CMTA is a Geneva-based not-for-profit association that develops open standards and smart contract frameworks (notably CMTAT) for tokenizing securities on distributed ledgers, serving Swiss corporations, financial institutions, and regulators through membership and certification programs.

Ownership category

akta.pro rank

Product category

Blockchain Standards & Tokenization Frameworks

NAICS

Securities and Commodity Exchanges (523210), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC)

akta.pro secondary industries

Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Smart Contract & Token Operations Infrastructure (Lifecycle, Corporate Actions) (FSAGAMAH), MPC / HSM / Key Management Infrastructure (FSADACAC), Digital Asset Custody & Key Management (MPC, HSM, Wallet Infra) (FSAGAMAB)

Keywords

• Tokenization standards
• Smart contract frameworks
• Digital asset custody
• Securities tokenization
• Blockchain standards

Headquarters

HQ city

Geneva

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Membership Fees: CMTA operates as a not-for-profit association funded by membership fees from leading organizations in the financial, technological, and legal sectors. The association had grown to over 40 members as of recent reports.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

CMTA is an independent not-for-profit Swiss association that develops open standards and smart contract frameworks for tokenizing securities using distributed ledger technology. Its core product, the CMTAT framework, is a blockchain-agnostic open standard for tokenizing equity, debt, and structured products, complemented by the Digital Assets Custody Standard (DACS), AML standards, and certification programs for tokenized shares and debt instruments.

Product overview

CMTA (Capital Markets and Technology Association) is a not-for-profit Swiss association that develops open standards and smart contract frameworks for the tokenization of securities using distributed ledger technology. Its core product is the CMTA Token (CMTAT) framework, an open standard for smart contracts designed for tokenizing financial instruments including equity, debt, and structured products. The CMTAT framework is blockchain-agnostic with implementations for Ethereum, Tezos, Aztec, and Solana. CMTA provides complementary standards including the Digital Assets Custody Standard (DACS) for secure digital asset custody, AML Standards for Digital Assets, and standards for tokenization of shares and debt instruments. The association offers certification programs for tokenized shares and tokenized debt instruments, and provides templates such as the CMTA Model Prospectus. The ecosystem includes supporting modules like the CMTAT Rule Engine for conditional transfers, DvP module for delivery-versus-payment settlement, and a privacy-preserving implementation on Aztec network.

Differentiator

Problem solved

Functional benefit

Brands

• CMTA Token (CMTAT): Open standard for smart contracts enabling tokenization of equity, debt, and structured products
• Digital Assets Custody Standard (DACS)
• CMTA.Tokenized Shares
• CMTA Tokenized Debt

Products and services

• CMTA Token (CMTAT) Framework Open, blockchain-agnostic standard for smart contracts designed for tokenizing equity, debt, structured products, and other transferable securities. Available implementations include Solidity (Ethereum/EVM chains), SmartPy (Tezos), Noir (Aztec), and Solana Token Extensions. Features mint/burn/transfer, pause, account freezing, whitelisting, cross-chain (ERC-7802), snapshots, upgradeability, gasless transactions, and conditional transfers via rule engine. Targeted at Swiss corporations, financial institutions, and digital asset issuers.
• Digital Assets Custody Standard (DACS) Industry-developed requirements and recommendations for technology solutions enabling secure custody and management of digital assets. Covers private key generation, storage, recovery, and custody procedures for digital assets on distributed ledgers, including MPC-based solutions. Version 2.0 published May 2025. Targeted at digital asset custodians, technology providers, and financial institutions.
• CMTA Tokenized Shares Certification Certification label certifying that digital tokens representing shares comply with Swiss law (DLT Act / Art. 973d CO) and are based on secure technology vetted by experts. Awarded by CMTA based on confirmations from pre-approved technology providers and legal experts. Targeted at Swiss corporations (AG/SA) tokenizing equity.
• CMTA Tokenized Debt Certification Certification scheme for tokenized bonds, notes, structured products, and other debt securities, providing assurance of compliance with Swiss law and CMTA standards. Awarded by CMTA based on confirmations from pre-approved technology providers and legal experts. Targeted at debt issuers and structured product issuers.
• Standard for the Tokenization of Debt Instruments using DLT Step-by-step guide to tokenizing debt securities (bonds, notes, structured products) as ledger-based securities under Swiss law (Art. 973d et seq. CO). Includes smart contract requirements aligned with CMTAT, compliance controls, investor identification, certainty of terms, and model templates. Targeted at companies and institutions issuing debt instruments.
• AML Standards for Digital Assets Industry standards providing guidance for the treatment of digital assets by businesses and financial intermediaries to comply with Swiss anti-money laundering and terrorism financing regulations. Targeted at financial intermediaries, custodians, and digital asset service providers.
• Standard for the Tokenization of Shares Blueprint providing comprehensive list of requirements and recommendations for tokenizing shares of Swiss corporations using distributed ledger technology, based on a legal opinion from the University of Zurich. Targeted at Swiss corporations (AG/SA) seeking to tokenize equity.
• CMTA Model Prospectus for Tokenized Shares Model prospectus framework for public offerings of tokenized shares, designed to comply with Swiss Financial Services Act (FinSA) requirements. Targeted at Swiss corporations conducting public offerings of tokenized equity.

Quantifiable outcome

• Tokenized securities can be issued, traded, and settled within hours compared to days in traditional environment
• +1 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

15 partnerships are on record, tiered core and minor.

• EPFL (École Polytechnique Fédérale de Lausanne)coreStrategic or Co-development Partner · 12 July 2018EPFL supported the establishment of CMTA and hosts the Center for Digital Trust (C4DT). James Larus, former Dean of School of Computer and Communication Sciences, serves on CMTA's Executive Committee. EPFL provides academic rigor and research support to CMTA's standards development.
• Taurus GroupcoreTechnology or IntegrationTaurus provides tokenization infrastructure and custody solutions for CMTA implementations. Jean-Philippe Aumasson, Taurus co-founder, chairs CMTA's Technology Committee. Taurus implemented CMTAT in Solidity and developed privacy-preserving CMTAT on Aztec network.
• Tezos FoundationcoreTechnology or IntegrationDeveloped CMTAT implementation for Tezos blockchain using SmartPy (Python). CMTA Tech Committee reviewed the implementation for compliance with CMTA's standard.
• ChainlinkcoreTechnology or IntegrationCMTA announced integration with Chainlink to power programmable compliance for tokenized assets. Chainlink provides oracle services for connecting smart contracts with external data.
• LayerZerocoreTechnology or IntegrationCMTAT integrated LayerZero's OFT (Omnichain Fungible Token) Standard enabling cross-chain functionality for tokenized securities.
• NethermindcoreTechnology or IntegrationNethermind provided AI-assisted security analysis using AuditAgent on CMTAT contracts. Built on-chain FIX descriptor support for tokenized securities. Collaborated with CMTA on advancing tokenization standards.
• Aztec NetworkcoreTechnology or IntegrationPrivacy-preserving implementation of CMTAT in Noir DSL building on Aztec's Ethereum Layer-2 technology with zero-knowledge cryptography. Enables fully programmable privacy for tokenized assets.
• BfeW (German Association for Electronic Securities)coreStrategic or Co-development PartnerCollaboration to advance adoption of tokenization standards across jurisdictions. Updated CMTAT and reference implementation to be consistent with German Electronic Securities Act (eWpG). Markus Kluge joined CMTA's Technical Advisory Board.
• GFTN (Global Finance & Technology Network)minorGTM or Marketing PartnerCMTA is a community partner for Point Zero Forum 2025 and 2026, organized by GFTN. Provides forum for policy and technology dialogue in financial services.
• Swissquote BankcoreStrategic or Co-development PartnerFounding member of CMTA. Marc Bürki, CEO of Swissquote, was instrumental in establishment. Swissquote provides trading platform for tokenized securities. Nestor Verrier, COO, serves on CMTA Executive Committee.
• Lenz & StaehelincoreStrategic or Co-development PartnerFounding member and primary legal advisor. Jacques Iffland, partner at Lenz & Staehelin, serves as Chairman of CMTA. Fedor Poskriakov, General Secretary, is a banking partner at Lenz & Staehelin.
• TemenoscoreStrategic or Co-development PartnerFounding member of CMTA. David Arnott, former CEO, participated in establishment. Takis Spiliopoulos, CFO, serves on CMTA Executive Committee. Provides banking software expertise.
• BX SwisscoreTechnology or IntegrationFINMA-regulated Swiss securities exchange that conducted proof-of-concept trading of tokenized investment products using CMTAT. Received first DLT trading facility license in Switzerland.
• HomburgerminorImplementation/ SI/ Consulting PartnerSwiss law firm that participated in proof-of-concept for trading and settlement of digital securities.
• PricewaterhouseCoopers (PwC)minorImplementation/ SI/ Consulting PartnerEstablished documentation report for transactions carried out in CMTA's dry run of decentralized capital market infrastructure.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• R3: Enterprise blockchain platform provider (Corda) targeting capital markets and tokenization. Competes with CMTA's permissioned blockchain narrative but operates as a commercial vendor rather than a non-profit association.
• Hyperledger Foundation: Linux Foundation-hosted umbrella for permissioned blockchain frameworks (Fabric, Besu, Indy). A broader incumbent in the enterprise blockchain space, with overlapping standards-setting role and member-based governance model.

Emerging players

• Ondo Finance: Tokenization platform focused on real-world assets (RWA), particularly tokenized US treasuries and yield products. Competes in the broader RWA tokenization narrative that CMTAT supports but with a commercial DeFi-native model.
• Taurus Group: Swiss tokenization and digital asset custody infrastructure provider that is both a core CMTA partner and a potential competitor. Implements CMTAT and offers commercial tokenization services directly to issuers.

Others

• OpenZeppelin: Cryptographic security and smart contract standards provider that has audited CMTAT implementations. Provides reference libraries and security frameworks that overlap with CMTA's standards mission but is a commercial vendor.

Direct peers

• Tokeny: Tokenization platform for issuing and managing compliant digital securities. Similar end-customer profile (corporations, financial institutions) but operates as a commercial vendor serving multiple jurisdictions.
• ERC-3643 Association: Association managing the ERC-3643 (T-REX) standard for permissioned tokens used in regulated securities. Most direct peer to CMTA, with similar governance-by-association model and a competing tokenization standard for equity and debt securities.
• Securitize: Commercial tokenization platform for securities issuance, transfer, and secondary trading. Competes with CMTAT adoption by offering a full-stack SaaS alternative to the standards-based approach.
• Polymesh Association: Blockchain and association purpose-built for regulated securities, with a similar standards-body structure. Competes with CMTAT for institutional tokenization mandates, though anchored to a single chain rather than blockchain-agnostic.

Regional players

• Swiss Digital Initiative / Swiss Blockchain Federation: Swiss-based industry associations promoting blockchain adoption. Geographic peer with overlapping Swiss policy influence but broader focus beyond securities tokenization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cmta_ch
• GitHubgithub.com/CMTA
• YouTubeyoutube.com/channel/UCOeNc8MT4UVzWE3Gtv7PNog?view_as=subscriber
• LinkedInlinkedin.com/company/cmta-ch

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CMTA