Swiss FINMA approves first crypto fund

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The Federal Financial Market Supervisory Authority (FINMA) has approved its first crypto fund.

The “Crypto Market Index Fund” – reserved for qualified investors – is now governed by Swiss law as “other funds for alternative investments”.

Asset management company Crypto Finance manages the fund in partnership with PvB Pernet von Ballmoos. SEBA Bank is the custodian.

Expert in the Swiss financial services industry and responsible for Switzerland and the Middle East at Fireblocks, Richard Astle (main picture) told Coin Rivet that “the Swiss ecosystem has thrived thanks to clear communication from the regulator for several years now. “. .

“Companies pioneering new technologies can operate without uncertainty,” he said.

Astle added that SEBA Bank, a financial industry pioneer in the region, was the first to receive a FINMA license for liquid crypto funds and is also a client of Fireblocks.

He claimed that the lines between traditional finance and crypto finance are already blurred in Switzerland.

“It further highlights how crypto-asset businesses can operate with certainty here, which supports continued adoption of the asset class,” he said.

“Security can be referenced in a broad sense as far as Switzerland is concerned, just like stability. This is evidenced by the growing number of companies settling and / or migrating here.

He pointed out that the fully regulated fund opens up new distribution channels for investors.

“Inclusion in discretionary mandates within private banks which take the lion’s share in the management of investments in the country is, of course, now within reach,” he explained.

Astle added that Fireblocks allows institutions to escape closed-loop infrastructure and grow their digital asset business.

“When uncertainty is removed from the equation, our partners can confidently increase the reach of their business by adding new products and services,” he said.

“Our goal in Switzerland is to complement the thriving ecosystem with our technology.”

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