Crypto Fund AG has received approval from the Swiss financial regulators FINMA to begin distributing funds. This license will allow the fund to offer new instruments within the Swiss financial market. The grant serves as a milestone in crypto-oriented regulation. Crypto Fund AG is the first fund of its kind to receive such approval in the Swiss sector.
Crypto License Approvals Trudge Onward
It seems the recent slew of approved applications for operating licenses in the cryptosphere is not slowing down. On Monday, June 18, 2018, Swiss financial market supervisor FINMA granted a license allowing Crypto Fund AG (Zug, Switzerland) to distribute crypto funds, the first crypto firm to receive such authorization.
On the announcement of the FINMA license grant, Jan Brzezek, CEO & Co-Founder of Crypto Finance Group, announced, “getting the FINMA license is a big step in the right direction, to establish us as the first point of contact for crypto assets.”
Brezezek’s boast is consistent with website comments and parallel to the recent search for further legitimacy in the market:
“Crypto Finance aims to continue leading in the crypto asset space, providing a range of products to service and develop the emerging industry.”
While Brzezek’s achievements are not the first within the legitimacy-seeking sector, they are in fact a further addition to the positive confirmations given by regulatory authorities in diverse areas of the world as of recently.
Crypto Fund AG has also been seeking approval for its passive investment vehicle tracking, a benchmark index of up to 10 of the largest and most liquid cryptocurrency assets and tokens. The passive index fund will simplify investor access to the larger crypto market while reducing the time-intensive tedium of following the evolving market, technology, and innovations. This sort of development could bring institutional opportunities to the market in newfound ways.
Jan Brzezek and the Swiss Crypto Valley
The youthful Brzezek was previously Business Manager for the President of UBS Asset Management. A global innovation expert, he was responsible for the smart, structured UBS business model product proof-of-concept. Before his stint at UBS Asset Management, he worked in derivatives and fixed income sales and trading for UBS in Zurich, Singapore, and Hong Kong.
Brzezek added:
“We enable institutional and qualified investors to buy a basket with the top cryptocurrencies in a safe and convenient Swiss and offshore fund structure with a well-known administrator and custodian.”
Without worries about wallet selection, best execution, or private key handling, the fund also provides the best execution services with access to more than 12 global crypto exchanges for the more active and independent investors.
In the meantime, Switzerland hosts an expanding Crypto Valley in the Zug Canton. An increasing number of crypto- and blockchain enterprises have a footprint in the area. Switzerland is even thinking about issuing its state-backed cryptocurrency.
Switzerland as the new Crypto-haven?
The liberal regulatory mindset of the Swiss financial sector welcomes innovation and never fails from making first steps. For example, Hypothekarbank Lenzburg, an “old line” Swizz bank now bank accounts to crypto companies. Even Swiss Federal Railways sells Bitcoin through 1,000 ticket machines.
And, taking leadership, the city of Zug accepts bitcoins and ether as payment for city services. Zug city officials are looking at using blockchain distribution for local referendums. It wouldn’t be a surprise if Switzerland took the lead in being the pro-crypto haven for almost all opportunities.
FINMA, Jan Brzezek, and Crypto Fund AG are making moves that add credibility, direction, and leadership to the overall digital asset energy.
The post Swiss Cryptocurrency Fund Receives First Ever FINMA Operating License appeared first on BTCMANAGER.
Source: BTCManager.com
Original Post: Swiss Cryptocurrency Fund Receives First Ever FINMA Operating License
