The government of Switzerland approves the first-ever legal crypto fund. This breaking news is part of the overall crypto-direction in which this country is heading. Considering the ongoing momentum that cryptocurrencies have in Switzerland.
This crypto fund will operate under the official name Crypto Market Index Fund. It is approved by the Swiss Financial Market Supervisory Authority (FINMA), calling it the ‘first crypto fund according to Swiss law’.
Moreover, the fund is run by the Swiss asset operator, Crypto Finance. With administrative assistance by PvB Pernet von Ballmoos AG, and the regulated custodian, SEBA Bank AG.
However, not everyone can invest in this new Swiss fund. In fact, FINMA restricts crypto or digital asset investors ‘based on the blockchain distributed ledger technology. In other words, the service is available for a select group of crypto-traders only.
FINMA informs that they created the Crypto Market Index Fund specifically for purchases of ‘sufficiently large trading volume’. In addition, Crypto Finance claims the fund will also monitor how well the Crypto Market Index 10 performs. Which consequently, is a creation of the SIX Swiss Exchange.
Furthermore, FINMA also informs that there will be new requirements for investors. In particular, the regulator will require them to invest via well-known parties, stationed in countries that are members of the Financial Action Task Force. In addition, all of them are going to be subject to the Anti-Money Laundering laws.
The FINMA also granted SEBA Bank AG a CISA license. This is since it officially recognizes the entity as a professional and institutional custodian. Consequently, this comes just after September, when the Swiss regulator approved six exchanges to open shop in Switzerland. And the first-ever crypto-fund is only a reminder of the true pro-crypto direction of Switzerland.
InAltcoins
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