The Swiss Financial Market Supervisory Authority (FINMA) has approved the country's first cryptocurrency fund. The agency said the so-called Crypto Market Index Fund was approved in accordance with Swiss law. The fund is belonging to the category "other funds for alternative investments" which means only qualified investors have access to it. The fund tracks the performance of the Crypto Market Index 10, which is administered by the SIX Swiss Exchange.
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Crypto Finance, the asset manager behind the Crypto Market Index Fund, says the fund is administered by PvB Pernet von Ballmoos, with assets stored at SEBA Bank. Raluca Boaru, Business Development Manager at Crypto Finance, highlighted in a statement that the approval opens door to such qualified investors as Swiss wealth management banks, asset managers, pension funds, and other professional investors, who "collectively manage several trillion CHF in assets."
Meanwhile, Swiss stock exchange SIX announced it had received regulatory approval from FINMA to launch its new cryptocurrency exchange called SIX Digital Exchange (SDX). The exchange says the regulator's green light enables it to open settlement and custody services based on distributed ledger technology.
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