By Ron Howells •
Published: 29 Sep 2021 • 13:33
Swiss markets watchdog approves first crypto assets fund.image: Wikipedia
The Swiss markets watchdog has approved its first cryptocurrency assets fund.
Switzerland’s financial markets supervisor has announced today, Wednesday, September 29, that it had approved the country’s first fund which will invest primarily in cryptocurrency assets.
The Crypto Market Index Fund is restricted to qualified investors and categorised under “other funds for alternative investments” with particular risks, the Swiss Financial Market Supervisory Authority (FINMA) said in a statement.
Crypto digital assets are based on blockchain or distributed ledger technology.
“In order to facilitate serious innovation, FINMA applies the existing provisions of financial market laws in a consistently technology-neutral way,” it added, thus ensuring that new technologies are not used to circumvent existing rules.
Since crypto-assets involve particular monetary risks, the FINMA said it had tied the approval to specific requirements, one is that the fund may invest only in established assets with a sufficiently large trading volume.
Investments also must be made through established counterparties and platforms that are based in a member country of the Financial Action Task Force and are subject to corresponding anti-money laundering regulations, FINMA said.
The European Commission (EC) has set out legislation to make crypto assets more traceable, a move which could undermine one of the main use cases for digital currencies – that they provide greater privacy than fiat transactions.
The proposals were unveiled on July 20 this year as part of a four-point package aimed at “beating financial crime” by strengthening the European Union’s anti-money laundering and countering terrorism financing (AML/CFT) rules.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!.
Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.
Download our media pack in either English or Spanish.