Crypto Fund AG Gets Key License from Key Swiss Regulator
Crypto Fund AG out of Switzerland has pushed further ahead at the vanguard of the nation’s cryptocurrency firms, having just been greenlighted for an asset management license by the country’s leading financial watchdog, Financial Market Supervisory Authority (FINMA).
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Crypto Fund AG Now Has Official Go-Ahead
The Swiss financial regulator FINMA awarded the asset management license under the nation’s Collective Investment Schemes Act. With the new license, Crypto Fund AG, a subsidiary of Crypto Finance AG, will be able to offer a wide range of crypto-related products to cryptocurrency enterprises and institutional investors.
The authorization also permits the firm to offer investment advice to institutional clients.
The regulatory go-ahead means the upstart Zug-based crypto investment firm will now enjoy the same market freedoms given to traditional asset managers in Switzerland.
Of the legitimizing move, Crypto Finance AGCEO Jan Brzezek noted:
“The importance of crypto assets is growing and our aim is to accelerate maturity in these markets. FINMA authorization is an important acknowledgement of the Crypto Fund and for crypto assets around the world.”
Until now, operations of Crypto Fund AG had been legally restricted to distributing collective investment funds to qualified investors.
Crypto Fund AG has also just announced a smaller and related development in welcoming the newest member to their Board of Directors, University of Basel Professor Fabian Schär.
Competitive and Constructive Turf
An increasingly crypto-friendly jurisdiction, Switzerland is witnessing a potent uptick in crypto firms seeking regulatory approval for a spectrum of cryptocurrency products and services.
Recently, Swiss startup SEBA Crypto AG (SEBA) raised $104 million to launch a cryptocurrency bank that would serve both cryptocurrency enterprises and traditional institutions.
To actualize their vision, SEBA Crypto AG is endeavoring to obtain licenses from FINMA for operating full-fledged crypto-centric banking services. The startup hopes to become the bridge in Switzerland between the traditional financial sector and the nascent crypto space.
The positive regulatory attitude of Swiss regulators towards the fledgling digital asset ecosystem has helped the local crypto industry proliferate. At the same time, the favorable supportive environment there has also similarly put Switzerland near the forefront of global crypto innovation.
Will FINMA’s historic decisions reflect positively on the cryptoverse? Share your views in the comments section.
Images via Pixabay