Swiss Crypto Company Acquires License to Distribute Funds to Investors
Crypto Fund AG has been granted a license to distribute funds on behalf of 'qualified investors' in Switzerland. The permission has been issued by the country's financial market regulator, FINMA. The firm also seeks approval for another crypto-related service.
Also read: Zug Tests Blockchain to Decide on Fireworks and Digital IDs
First Point of Contact for Crypto Assets
The Swiss Financial Market Supervisory Authority (FINMA) confirmed the decision. However, the financial watchdog did not specify if this was in fact the first license of this kind.
According to another important clarification in the report, the permission does not mean the firm is allowed to operate as an asset manager for crypto funds. Nevertheless, the acquired license is a deliberate step, as confirmed by the company's Chief Executive Officer, Jan Brzezek:
Getting the FINMA license is a big step in the right direction to establish us as the first point of contact for crypto assets.
Crypto Fund AG is also seeking another permission from financial regulators in Switzerland. This one would allow it to create a passive investment vehicle tracking a bench marked index of up to 10 of the most liquid cryptocurrency assets and digital tokens on the market. The index is calculated and maintained by Swiss bourse SIX.
Crypto-Friendly Nation with Positive Attitude
Businesses from the traditional financial sector have also benefited from the positive regulatory attitude of Swiss authorities. Hypothekarbank Lenzburg, a legacy financial institution, recently announced it was offering bank accounts to crypto companies, as news.Bitcoin.com reported. The bank's management expressed desire to work with the young crypto sector, speaking of that as a 'matter of credibility.'
And the city of Zug, home of the Crypto Valley, is accepting payments in bitcoin and ether for municipal services, including company registrations. Authorities there are also planning to conduct a blockchain-based vote on questions of local importance.
Do you think Swiss regulators will issue more licenses for crypto-related financial services in the near future' Tell us in the comments section below.
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The post Swiss Crypto Company Acquires License to Distribute Funds to Investors appeared first on Bitcoin News.
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