Switzerland has legalized the country’s first cryptocurrency fund, which can only be accessed by qualified investors.
Switzerland continues to follow the path of adopting cryptocurrencies. The country’s financial regulator for the first time approved the launch of a cryptocurrency fund for the Crypto Market Index 10, which consists of ten crypto assets.
According to a statement from the Financial Markets Supervision Agency (FINMA), the regulator has approved the launch of the Crypto Market Index Fund, the first cryptocurrency fund operating under Swiss law. The fund is launched by Swiss asset manager Crypto Finance and investment management firm PvB Pernet von Ballmoos AG. The custodian is SEBA bank, which received a license to store digital assets this week.
FINMA said the new fund is for qualified investors only. Crypto Market Index Fund can invest in the largest cryptocurrencies with a fairly large trading volume. According to Crypto Finance, the fund will track the performance of Crypto Market Index 10, an index administered by the Swiss SIX stock exchange.
“The goal of Crypto Market Index 10 is to reliably measure the dynamics of the largest liquid cryptocurrencies and tokens and provide an investment benchmark for this asset class,” notes Crypto Finance.
FINMA added that institutions will only need to invest through counterparties that are located in a member country of the Financial Action Task Force on Money Laundering (FATF) and are subject to relevant anti-money laundering regulations.
Recall that in February FINMA began to tighten cryptocurrency regulation. In accordance with the new rules, users of digital currencies will be required to pass identification when carrying out transactions with cryptoassets in the amount of more than $1,000.
Think we missed something? Let us know in the comment section below.