Swiss Exchange SIX gets approval to launch the crypto marketplace
The Swiss Financial Market Supervisory Authority (FINMA), has announced its approval for SIX, a Swiss exchange, for launching a marketplace for digital currencies and central securities depository based on the ledger technology.
SIX exchange was originally set for launch in the last quarter of 2019, but due to regulatory obstacles, it was forced to put the operation on halt. Of now, even though the specific date for release hasn’t been given, it is expected that once the challenge has finished negotiations, its customers would get access to experiencing the exchange’s new offerings soon.
On the SIX platform this year, in February, 21 shares had launched the first-ever Polkadot exchange-traded product called ETP. The move was fueled by recognition of rising demands for the asset in the area.
Switzerland, often tagged as the crypto valley, is known for being one of the most accommodating jurisdictions for cryptocurrency activities in the world. The country has consciously outlined that its present infrastructure fits the growth of blockchain and DTL technologies sufficiently. For the same, it had even opted out of altering its taxation laws in June 2021.
As per data from Tax Justice Network, Switzerland is home to the fastest-growing environment for safe-haven fundings, sharing the spot with the United Arab Emirates and Bermuda.
Thomas Zeeb, global head of exchanges for SIX exchange, sharing his views on the recent approval, said that the digitalization of financial marketplaces must constantly emerge, and this milestone is crucial in its evolving stage. He said this would provide investors with “a safe and robust infrastructure.”
Following its retail launch, SIX has also expressed it is looking forward to offering diversity in its products and offerings in line with the demands of issuers, banks, insurance agencies and institutional investors within their global network.
The exchange has floated its idea of integrating exchange-traded funds, traditional stocks and tokenized commodities like artworks and luxury cars.