SWITZERLAND: FINMA Approves its First Cryptocurrency Investment Fund.

As published on cryptopotato.com, Wednesday 29 September, 2021.

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.

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