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Breaking: Switzerland's Financial Regulator Approves First Crypto Fund


coingape.com 29 September 2021 08:35, UTC
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Switzerland’s financial watchdog Financial Market Supervisory Authority (FINMA) on Wednesday approved the country’s first-ever dedicated crypto fund. The new crypto fund would be called the Crypto Market Index Fund  FINMA has categorized the crypto fund under “other funds for alternative investments.”

The Swiss regulatory watchdog said even though the crypto fund would be regulated under the existing provisions of law, it has been done in a technology-neutral way to make way for innovation.

“In order to facilitate serious innovation, FINMA applies the existing provisions of financial market laws in a consistently technology-neutral way,”

In order to mitigate risks associated with the volatile crypto market, the new crypto fund would primarily invest in those assets which have a high trading volume. Along with that, all crypto transactions would only be facilitated via established counterparties and platforms that are based in a member country of the Financial Action Task Force (FATF) and are subject to corresponding anti-money laundering  (AML) regulations.

This story is being updated

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