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Switzerland Greenlights Its First Crypto Asset Fund

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Wed, 29/09/2021 - 7:22
Switzerland Greenlights Its First Crypto Asset Fund
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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.

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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.

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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.

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