Why market structure is becoming more important

The world of digital assets continues to evolve. While public debate is often shaped by attention, headlines and short-term market impulses, other topics are moving to the forefront within the sector. Today, the focus is primarily on regulation, secure custody, technical infrastructure, tokenisation and the institutional maturation of the market.

For informed investors, this shift in perspective is essential. Anyone wishing to assess digital assets in a well-founded way should not focus solely on individual cryptocurrencies or new projects. More important is the question of which structures prove resilient, which standards are emerging and how the interaction between innovation, security and supervision is changing.

The current relevance therefore lies less in a single market impulse than in the sector’s ongoing professionalisation. Especially in 2026, it is becoming clear that digital assets are increasingly being discussed in the context of regulation, infrastructure and wealth organisation.

Regulation provides orientation

A central topic in the crypto sector is the continued development of regulatory frameworks. In numerous markets, requirements for providers, trading venues, custody solutions and issuance models are being defined more precisely. The aim is to increase transparency, make risks more manageable and strengthen investor protection.

For the market as a whole, this development creates greater clarity. For investors, it also becomes more important to distinguish between regulated and less transparent offerings. This is not only a matter of formal authorisations, but also of internal processes, governance structures, documentation obligations and compliance with due diligence requirements.

In a young and technology-driven market environment, regulation is therefore increasingly understood not as the opposite of innovation, but as a prerequisite for trust and institutional connectivity. The clearer the framework conditions, the easier it becomes to assess which providers are professionally positioned.

^{Graphic: Digital assets are developing from a technology-driven niche topic into a more broadly integrated segment of financial market infrastructure. Source: Own illustration, Maerki Baumann / ARCHIP, generated using AI.}

Secure custody moves to the centre

As the sector becomes more professional, the question of secure custody for digital assets continues to gain importance. Unlike traditional financial assets, control over digital assets is directly linked to cryptographic keys. This makes custody a particularly sensitive area, both technically and organisationally.

For investors, this raises a fundamental question: should custody be handled independently or through a professional provider? The two approaches differ considerably in terms of responsibility, security architecture and operational risk.

Especially in an institutional setting, it is clear that custody is no longer regarded as a merely technical side issue. Robust security concepts, clearly defined access processes, emergency mechanisms and resilient control structures are decisive. The quality of custody is therefore an essential component of any serious engagement with digital assets.

Tokenisation broadens the understanding of digital assets

Another key area is the tokenisation of assets. This refers to the digital representation of rights or real-world values on the basis of blockchain technology. The approach has been discussed intensively for some time, as it could make processes more efficient, document ownership structures more transparently and enable new forms of access to assets.

The relevance of this development extends well beyond traditional cryptocurrencies. Tokenisation may apply to bonds, fund units, participations or other assets that can be structured digitally. From the sector’s perspective, this is one of the areas in which it becomes particularly clear how blockchain technology could converge with existing financial market structures.

At the same time, this field also remains in development. Open questions concern regulatory integration, market standards, technical interoperability and practical scaling. For investors, it is therefore important to view tokenisation neither as a mere vision nor as a model already established across the board, but as a field with real potential and still-open prerequisites.

Institutional actors shape the next market phase

In parallel, the composition of the market is changing. Professional actors such as banks, regulated financial service providers, specialised custodians and infrastructure providers are increasingly moving into focus. This development suggests that digital assets are gradually evolving from a strongly technology-driven specialist topic into a more broadly integrated segment of the financial system.

With the entry of institutional market participants, expectations regarding transparency, process quality, risk monitoring and governance are also rising. For investors, this can provide important orientation. As structures become more professional, services and responsibilities usually become more traceable as well.

At the same time, this is changing the perception of the entire sector. Digital assets are increasingly no longer viewed in isolation, but in connection with wealth management, financial market infrastructure and long-term strategic portfolio planning.

^{Graphic: Not every blockchain-based instrument serves the same purpose. For classification, function is more important than the technical label. Source: Own illustration, Maerki Baumann / ARCHIP, generated using AI.}

Stablecoins and digital forms of payment gain relevance

In addition to investment topics, digital means of payment are also attracting greater attention. Stablecoins are being discussed particularly intensively. These are digital tokens designed for price stability and often linked to a reference value. Their significance lies primarily in the fact that they are understood as a bridge between blockchain technology and payments.

The discussion around stablecoins therefore extends beyond the crypto market. It touches on fundamental questions about future financial infrastructure: what role can private digital means of payment play? How are they regulated? And how do they differ from tokenised bank deposits or central bank digital currencies?

For investors, this topic is relevant above all from the perspective of understanding. Digital assets fulfil very different functions, and not every blockchain-based instrument serves the same purpose. Anyone wishing to understand the ecosystem should therefore also know the differences between cryptocurrencies, stablecoins and other forms of digital money.

Transparency and governance become central quality features

The experiences of recent years have clearly shown that the quality of structures and processes plays a central role in the digital asset space. Accordingly, there is now a strong focus on transparency, governance and robust organisational foundations.

For informed investors, it is therefore becoming decisive to look not only at the product or technology, but also at the organisation behind it. Relevant questions concern decision-making processes, responsibilities, the separation of functions, risk controls and the handling of operational challenges.

This development shows that the market is no longer assessed solely by its degree of innovation. Stability, traceability and professional standards increasingly matter. In a field that was long shaped by dynamism and experimentation, governance is thus becoming a central factor of trust.

Important legal information

_{This publication is intended for information and marketing purposes only, and does not constitute investment advice or a specific individual investment recommendation. It is not a sales prospectus and does not constitute a request, an offer, or a recommendation to buy or sell investment instruments or investment services, or to engage in any other transaction. Maerki Baumann & Co. AG does not provide legal or tax advice. Investors are therefore advised to obtain independent legal or tax advice concerning the suitability of such investments, since their tax treatment depends on the personal circumstances of the investor in question and is subject to change at any time. ­Maerki Baumann & Co. AG holds a Swiss banking licence issued by the Financial Market Supervisory Authority (FINMA). This publication is expressly not intended for persons domiciled in Germany or so-called U.S. persons.}
 

Editorial deadline: 8 June 2026

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