The Swiss government and its financial officials approve and release more regulatory policies related to cryptocurrencies investment resulting in massive momentum of crypto adoption in Switzerland.
On 29 September, the Swiss Financial Market Supervisory Authority (FINMA) along with the government stated that they have recognized the Crypto Market Index Fund as the country’s ‘First Crypto Fund under Swiss law.’
The official announcement said that the Swiss asset manager Crypto Finance has launched the fund with investment management firm PvB Pernet von Ballmoos AG’s administration. Along with that, it added that the fund would be in custody of SEBA Bank AG, which has granted the first Swiss digital asset custody license.
However, Swiss government and FINMA added that the fund is limited to qualified investors only who can mainly invest in cryptocurrencies, including DeFi projects. They also can invest in digital assets based on distributed ledger or blockchain technology.
It further added that the fund could only be used to invest in top cryptocurrencies with high trading volume. The regulator also notified that the Crypto Market Index Fund would track the working and accomplishments of the Crypto Market Index 10, a release of the SIX Swiss Exchange.
The asset manager, Crypto Finance, said that the goal of the Crypto Market Index 10 is to track the performance of assets. It will provide a reliable measure of the performance of top liquid crypto assets and tokens. It will also guide the officials on the investable benchmark for the specific asset class.
Swiss government instructs investors
The Swiss government said that it wants investors to put their funds only through established and reliable counterparties that are from the member country of the Financial Action Task Force. It also stressed the point that the counterparties should be subjecting to corresponding anti-money laundering rules.
Along with the fund’s approval, FINMA also granted SEBA Bank AG a CISA license and made the firm an institutional-grade custodian. This increased activity and interest of the Swiss government has excited many citizens to start taking an interest in Blockchain technology.