Being one of the first countries to adopt cryptocurrencies, Switzerland aims to break new ground in the crypto field.
Swiss financial regulator FINMA has approved a cryptocurrency investment fund, Reuters reported.
Launched by Swedish asset manager Crypto Finance, the fund has become the first crypto fund to be approved under country laws.
The fund called “Crypto Market Index Fund”, which consists of top 10 cryptocurrencies, will initially be open to only select investors on a limited basis.
He said that these investors include wealth management banks, asset managers and pension funds, after regulators stated that investors with “large enough trading volumes” can invest in crypto.
Crypto Finance stated that the purpose of the fund they launched is to “reliably measure the performance of the largest liquid crypto assets and tokens and provide an investable benchmark for this asset class.”
We are excited to announce the launch of the first Swiss crypto asset fund.
By partnering with PvB Pernet von Ballmoos AG and @WeAreSEBA, the Crypto Finance (Asset Management) AG can apply their proven experience in digital assets as manager of the fund:https://t.co/m34CI4XnKo— Crypto Finance (@CryptoFinanceAG) September 29, 2021
FINMA added that fund investors are required to invest only through parties located in one of the member countries of the Financial Action Task Force and subject to the anti-money laundering regulations of that country.