The Swiss Financial Market Supervisory Authority (FINMA) today announced that it has approved Switzerland’s first cryptocurrency fund.
According to the official announcement, the financial regulator has approved the crypto fund according to Swiss law. The Crypto Market Index Fund invests mainly in cryptocurrency assets and is restricted to qualified investors.
This approval is a significant development for Swiss crypto market.
The official announcement stated:
For the first time, FINMA has approved a Swiss fund that invests primarily in cryptoassets, that is to say in assets based on the blockchain or distributed ledger technology. The fund concerned goes by the name of the “Crypto Market Index Fund”, an investment fund according to Swiss law belonging to the category “other funds for alternative investments” with particular risks. Distribution of this fund is restricted to qualified investors.
