Switzerland’s Financial Market Supervisory Authority (FINMA) has approved the first Swiss crypto fund. It is managed by Asset Manager Crypto Finance and remains in the custody of Seva Bank. “For the first time, FINMA has approved a Swiss fund that primarily invests in cryptocurrencies,” the regulator said.
The first crypto fund to be approved under Swiss law
The Swiss Financial Markets Supervisory Authority (FINMA) announced on Wednesday that it had “approved the first crypto fund under Swiss law.” The moderator states in detail:
For the first time, FINMA has approved a Swiss fund that primarily invests in cryptocurrencies.
FINMA explained that the fund was called a “crypto market index fund”, noting that “an investment fund under Swiss law” includes the category “other funds for alternative investments” with special risk.
The financial regulator added that there are certain requirements with approval. For example, the fund “can only invest in established cryptocurrencies with a sufficiently large trading volume.” Also, investments need to be made through “established adversaries and platforms” located in member countries of the Financial Action Task Force (FATF).
Crypto Finance (Asset Management) AG independently announced the launch of the FINMA-approved Swiss Crypto Fund on Wednesday. It is managed by the fund management firm Pvb Pernet von Ballmoos AG, as the AG Custodian of the Service Bank and as the Crypto Finance Manager. Crypto Finance describes:
For Crypto Finance, as the first asset manager to launch a Swiss crypto asset investment fund, launching this crypto investment fund with strong Swiss partners is an exceptional achievement.
The funds are limited to eligible investors, such as Swiss asset management banks, asset managers, pension funds, and other professional investors, who “jointly manage several trillion CHFs in assets,” Crypto Finance added in detail:
This passive investment fund of Crypto Finance tracks the performance of Crypto Market Index 10, which is managed by SIX Swiss Exchange.
According to the exchange’s website, “The purpose of the Six Crypto Market Index 10 is to reliably measure the performance of the largest and most liquid crypto assets and tokens and provide an investable benchmark for this asset class. Crypto assets and token prices are available from multiple crypto exchanges and trading venues.
Meanwhile, Seba Bank announced on Tuesday that it has been granted a license to act as a custodian bank for Swiss joint venture schemes by industry. 72 CISA (KAG). The bank added, The first license issued to a custodian bank focused on digital assets. “
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