Main navigation

Switzerland Greenlights Its First Crypto Asset Fund

News
Wed, 09/29/2021 - 07:22
article image
Yuri Molchan
Swiss financial regulator has okayed the first cryptocurrency fund in the country
Switzerland Greenlights Its First Crypto Asset Fund
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Reuters has reported that Swiss financial watchdog FINMA (Financial Market Supervisory Authority) has greenlighted the first investment fund that will be dealing mainly with digital assets.

The FINMA warns that the new fund—the Crypto Market Index Fund—is only open to qualified investors and falls under the category of alternative investment funds, therefore bearing certain risks for customers.

The regulator's statement also says that this approval has been made "in order to facilitate serious innovation" and emphasizes that nascent technologies will not be used to break the existing rules of the financial market.

Related
China Cracks Down on Crypto Again, Here's Who May Benefit

Besides, to minimize the risks, the fund will be only allowed to invest in already-established cryptocurrencies with a large enough trading volume: Bitcoin, Ethereum, etc. On top of that, investments will be allowed only via platforms located in a country in the jurisdiction of the FATF (Financial Action Task Force) and, thus, complies with anti-money-laundering regulations.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.