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Swiss regulators approve the country’s first crypto fund By BTC Peers

by Mike Robinson

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Swiss regulators approve the country's first crypto fund

The Swiss Financial Market Supervisory Authority (FINMA) has approved the region’s first crypto fund. The Crypto Market Index Fund can only be accessed by qualified investors.

FINMA classified the fund among “other funds to alternative investments”, which are those that pose particular risks. According to the financial watchdog, the approval of any crypto asset fund is tied to specific requirements due to the industry’s risks.

Funds cannot be approved if they are not able to invest in established assets, or if there is a high trading volume. Investors can also only transact with established counterparties. Also, the counter platforms must be located in a Financial Action Task Force country member and adhere to anti-money laundering regulations. The Swiss regulator said:

In order to facilitate serious innovation, FINMA applies the existing provisions of financial market laws in a consistently technology-neutral way.

CNBC reported that FINMA has recently granted two licenses to SIX Digital Exchange. It is SIX’s digital arm. SIX can now operate both a stock market and a repository for cryptocurrency-based securities thanks to the licenses.

FINMA has also been working hard to create a conducive environment for cryptocurrency’s growth by enforcing stricter AML policies.

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