Major cryptocurrency fund authorized in Switzerland
More and more people are accepting cryptocurrency in Switzerland. This is happening as the local authorities provide regulatory approvals that enable crypto investments and use.
On Wednesday, the Financial Supervisory body of Switzerland, also known as FINMA, finally approved the fund. This is the Market Index Fund for cryptocurrency. This is the first crypto index fund in accordance with regulations in Switzerland. Crypto Finance, an asset management company within the crypto space, was responsible for launching the fund.
Cryptocurrency Fund Approval and Launch
Aside from Crypto Finance, PvP Pernet von Ballmoos AG, will also play a role in the launch. They are a crypto investment management firm. SEBA Bank AG will be responsible for playing the role of the regulatory custodian.
According to FINMA, only qualified investors will be able to invest in the new crypto funds for now. Investors should be qualified when it comes to investing within the crypto space or in crypto assets related to blockchain technology.
The regulator revealed that investments from the Market Index Fund might only be in the top cryptocurrencies. They added that these cryptocurrencies should have a large trading volume. Crypto Finance revealed that the fund would be tracking how the Crypto Market Index 10 performs. The Crypto Market Index 10 is a product from the SIX Swiss Exchange.
FINMA and Cryptocurrency
FINMA further went on to add that investors could only invest through established parties. These established parties should be members of the Financial Action Task Force.