First Cryptocurrency Fund Approves As Switzerland Permits Bitcoin

The SIX Swiss Exchange’s Crypto Market Index 10 is used to track the performance of the top ten cryptocurrencies.

As local financial authorities give more regulatory permissions for crypto investment vehicles, cryptocurrency usage continues to gain traction in Switzerland.

The Crypto Market Index Fund has been certified by the Swiss Financial Market Supervisory Body (FINMA) as the “first crypto fund according to Swiss law,” the authority stated on Wednesday.

The fund is managed by investment management firm PvB Pernet von Ballmoos AG, with custody provided by regulated custodian SEBA Bank AG.

It was launched by Swiss asset manager Crypto Finance and is administered by investment management firm PvB Pernet von Ballmoos AG.

The Crypto Market Index Fund can only invest in prominent cryptocurrencies with a “sufficiently significant trading volume,” according to the regulator.

According to Crypto Finance, the fund will monitor the performance of the SIX Swiss Exchange’s Crypto Market Index 10, a product.

“The objective of the Crypto Market Index 10 is to reliably measure the performance of the largest, liquid crypto assets and tokens and to provide an investable benchmark for this asset class.”—Crypto Finance stated

According to FINMA, investors would be required to invest only through established counterparties headquartered in a member country of the Financial Action Task Force and subject to applicable anti-money laundering legislation.

Marc P. Bernegger, CEO Exponential technologies and digital assets wrote on Twitter:

FINMA has recognised SEBA Bank AG as an institutional-grade custodian service, awarding the firm a CISA licence in conjunction with the fund approval.

The authorities authorised SIX Swiss Exchange’s plans to construct a distributed ledger-based digital marketplace and central securities repository in early September.

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