Crypto Fund AG has been granted a license to distribute funds on behalf of “qualified investors” in Switzerland. The permission has been issued by the country’s financial market regulator, FINMA. The firm also seeks approval for another crypto-related service.
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First Point of Contact for Crypto Assets
Crypto Fund AG, a Zug-based subsidiary of the Swiss Crypto Finance Group (CFG), has received a license to distribute collective investment schemes to qualified investors, Reuters reported. According to an announcement by CFG, this is the first time a crypto business is granted such permission by the authorities in Switzerland.
The Swiss Financial Market Supervisory Authority (FINMA) confirmed the decision. However, the financial watchdog did not specify if this was in fact the first license of this kind.
According to another important clarification in the report, the permission does not mean the firm is allowed to operate as an asset manager for crypto funds. Nevertheless, the acquired license is a deliberate step, as confirmed by the company’s Chief Executive Officer, Jan Brzezek:
Getting the FINMA license is a big step in the right direction to establish us as the first point of contact for crypto assets.
Crypto Fund AG is also seeking another permission from financial regulators in Switzerland. This one would allow it to create a passive investment vehicle tracking a bench marked index of up to 10 of the most liquid cryptocurrency assets and digital tokens on the market. The index is calculated and maintained by Swiss bourse SIX.
Crypto-Friendly Nation with Positive Attitude
In recent years, Switzerland has established itself as a crypto-friendly jurisdiction. The country has its “Crypto
