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    First cryptocurrency fund receives green signal in Switzerland

    First cryptocurrency fund receives green signal in Switzerland

     

    Cryptocurrency adoption is gaining momentum in European countries, and the latest is in Switzerland, where local financial authorities have granted final approval for crypto investment products.

     

     

    The Swiss Financial Market Supervisory Authority (FINMA), on September 29 announcement officially giving approval for the Crypto Market Index Fund, tagging it as the “first crypto fund “ as per the Swiss law. 

     

     

    The fund has been launched by Crypto Finance, a Swiss assets manager, and is being administered by PvB Pernet von Ballmoos AG, an investment management firm. SEBA Bank AG is the custodian for all the procedures.

     

     

    FINMA has noted that the newly approved fund is confined to qualified investors who are primarily investing in digital assets based on the blockchain technology.

     

     

    FINMA has further said that the Crypto MARKET Index Fund would only invest in leading crypto firms having a “sufficiently large trading volume.”

     

     

     Crypto Finance’s fund would also track the performances of the players in Crypto Market Index 10, which is a product administered by Switzerland’s SIX Exchange.

     

     

    The fund would require investors to invest only from established channels of counterparties that are from among member countries of the Financial Action Task Force. The investors should also comply with corresponding anti-money laundering regulations.

     

     

    FINMA has also given approval to SEBA Bank AG as a custodian of institutional grade, granting the firm a CISA license. Earlier, the authority had officially permitted SIX Swiss Exchange to launch a digital marketplace as well as a central securities depository on distributed ledger technology in September 2021.

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