The Swiss Financial Market Supervisory Authority (FINMA) has greenlighted the Crypto Market Index Fund to be the first cryptocurrency-oriented investment vehicle operating within the country with the proper licensing.
- According to the Reuters report from earlier on September 29th, the Crypto Market Index Fund will be available to qualified investors only.
- Switzerland’s financial watchdog said it will fall under the “other funds or alternative investments” category, which is typically associated with higher risks.
- In regards to those potential risks, FINMA explained that the approval has come after examining specific requirements. Those included the addition of certain assets in the fund, which have a sufficiently large trading volume.
-
“In order to facilitate serious innovation, FINMA applies the existing provisions of financial market laws in a consistently technology-neutral way.” – reads the statement from the regulator.
- The institution also added that only established counterparties and platforms under its regulatory scope could process the investments.
- The European country is among the leaders in terms of cryptocurrency adoption. Its regulator has already approved several similar digital asset-oriented products in the past few years.
- Separately, companies like 21Shares and CoinShares have launched multiple exchange-traded products on the SIX Exchange.
- Last year, Switzerland’s Canton of Zug enabled locals to pay their taxes in Bitcoin and Ethereum.
Featured Image Courtesy of CapitalTrustees
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
- "
- &
- Adoption
- AI
- among
- Assets
- Bitcoin
- border
- BTC
- code
- CoinShares
- Companies
- content
- crypto
- Crypto Market
- cryptocurrency
- digital
- ethereum
- European
- exchange
- Fees
- financial
- First
- Free
- fund
- funds
- Futures
- HTTPS
- image
- index
- Innovation
- Institution
- investment
- Investments
- Investors
- IT
- large
- Laws
- Licensing
- Limited
- Market
- offer
- operating
- order
- Pay
- Platforms
- Products
- Reading
- regulatory
- Requirements
- Reuters
- Share
- SIX
- Sponsored
- Statement
- Swiss
- Taxes
- Trading
- USDT
- vehicle
- volume
- within
- year
- years
- Zug