The Swiss regulator for the first time issued a license to manage cryptocurrency assets
The Swiss Financial Market Supervisory Authority (FINMA) has issued the country’s first-ever cryptocurrency asset management license, which will enable its recipient Crypto Finance to provide digital currency services to institutional clients. Swissinfo.ch writes about it.
Crypto Finance was founded in June 2017 in Zug, Switzerland and provides services in asset management, brokerage and custody of digital currencies.
“The value of crypto assets continues to grow and we intend to contribute to the emergence of this market. Regulatory recognition remains an important factor that market participants take into account, as reflected in recent media and business publications, ”said Jan Brzezek, CEO of Crypto Finance..
Earlier this year, the company was given limited authority to distribute offshore-registered crypto funds. However, the new license, according to media reports, will allow Crypto Finance to release “a broader range of collective investment products pegged to Bitcoin and other cryptocurrencies, including funds based in Switzerland.”.
Crypto Finance is also allowed to provide investment advice to institutional clients, meaning the company can now provide all of the services that traditional Swiss asset managers do..
Several competing firms are currently awaiting a similar license from FINMA. For example, Seba Crypto recently filed for a full range of banking services using cryptocurrencies..
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