Categories: ICO

Crypto Fund Wins License From Swiss Markets Watchdog

Click here to view original web page at www.coindesk.com

Switzerland's financial markets regulator has issued a license to a cryptocurrency investment fund in a move that opens the door for wider institutional participation in the country's crypto activities.

Zug-based Crypto Finance AG announced on Tuesday that the Swiss Financial Market Supervisory Authority (FINMA) has given the green light to its subsidiary, Crypto Fund AG, to legally act as an asset manager.

A search on the FINMA database shows that Crypto Fund AG – founded by former UBS banker Jan Brzezek in 2017 – is now authorized as a manager of "collective investments" under the country's Collective Investment Schemes Act.

With the license, the firm said Crypto Fund AG is now allowed to manage and distribute both domestic and foreign funds for investing in crypto-related projects. The registration as an asset manager arrives as an extension to another license that Crypto Fund AG received from FINMA in June which limited the firm's activities to merely distributing funds to qualified investors.

Brzezek said in the release:

"The importance of crypto assets is growing and our aim is to accelerate maturity in these markets. Regulatory recognition remains highly sought after by participants, as seen in recent press and company statements."

The news comes as Switzerland continues to gain traction as a country offering a relatively welcoming regulatory regime for companies working with cryptocurrencies and blockchain.

FINMA notably issued guidelines early this year that clarified when it would class tokens as securities and what crypto projects need to do to carry out ICO activities while remaining compliant.

In June, SIX, the primary stock exchange in Switzerland, announced it is developing a blockchain-powered trading platform that is aiming to tokenize traditional financial assets to boost liquidity for institutional investors.

Meanwhile, SEBA Crypto AG, another Zug-based crypto startup (also founded by former UBS bankers), is seeking a banking and securities dealer license from FINMA, having raised $104 million in a bid to become a regulated crypto bank, as CoinDesk reported last month.

Switzerland image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Zug-based […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Kristy Leigh Minehan: Bitcoin SV is treating miners right

At the CoinGeek Toronto 2019 scaling conference , Kristy Leigh Minehan used her time on stage to tell everyone how… Read More

1 hour ago

#CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting Crypto Payments

(MENAFN - Investor Ideas) #CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting… Read More

1 hour ago

Mark Mobius Calls Bitcoin a “Psycho Currency”

Bitcoin has a habit of dividing people. Some are all for it, while others think it’s weird, evil, or a… Read More

1 hour ago

US, France, and Germany Dominate Bitcoin Nodes By Country

Among the many reasons that make Bitcoin unique, is that it’s designed to be a global currency accessed by anyone,… Read More

1 hour ago

Ukrainian Power Plant Officials Accused of Unauthorised Cryptocurrency Mining

SBU (Security Service of Ukraine) detectives have discovered a cryptocurrency mining operation at one of the nation’s nuclear power plants.… Read More

1 hour ago

Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

Throughout much of 2018, support at $6,000 acted as the absolute Bitcoin price floor, with each time bears pushed the… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More