The Swiss Financial Market Supervisory Authority (FINMA) has greenlighted the Crypto Market Index Fund to be the first cryptocurrency-oriented investment vehicle operating within the country with the proper licensing.
- According to the Reuters report from earlier on September 29th, the Crypto Market Index Fund will be available to qualified investors only.
- Switzerland’s financial watchdog said it will fall under the “other funds or alternative investments” category, which is typically associated with higher risks.
- In regards to those potential risks, FINMA explained that the approval has come after examining specific requirements. Those included the addition of certain assets in the fund, which have a sufficiently large trading volume.
“In order to facilitate serious innovation, FINMA applies the existing provisions of financial market laws in a consistently technology-neutral way.” – reads the statement from the regulator.