The Swiss authority in charge of regulating and overseeing the financial market – FINMA – announced that it has fully approved the first Swiss crypto fund. The official release by the agency reveals that the aptly named Crypto Market Index Fund was approved by local lawmakers. Furthermore, the fund will be available only to qualified investors.
FINMA commented on the release o the news that, “For the first time, FINMA has approved a Swiss fund that invests primarily in cryptocurrency assets, that is to say in assets based on the blockchain or distributed ledger technology”.
FINMA commented that innovation is the way to go, yet the agency strives for applying existing market laws keeping with the so-called “same risk, same rules” policy. The Swiss agency added that throguh this approach, “it makes sure that new technologies are not being used to circumvent the existing rules and that the protective goals of financial market legislation are preserved,”
With this move by FINMA the Swiss crypto market has taken a major leap. The nation has been in the past a very attractive nation for crypto companies, but now it has become one of the most sought after crypto environments.
2021 marked a steep increase of the launch of exchange-traded products (ETPs) on the Swiss Stock Exchange by several international crypto companies.