Swiss markets watchdog approves first crypto assets fund

Swiss markets watchdog approves first crypto assets fund
Swiss markets watchdog approves first crypto assets fund   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">ZURICH</span> – Switzerland’s financial markets supervisor said on Wednesday it had approved the country’s first fund that invests primarily in crypto assets.</p> <p>The Crypto Market Index Fund is restricted to qualified investors and categorised under “other funds for alternative investments” with particular risks, the Swiss Financial Market Supervisory Authority (<span class="caps">FINMA</span>) said in a statement.</p> <p>Crypto assets are based on the blockchain or distributed ledger technology.</p> <p>“In order to facilitate serious innovation, <span class="caps">FINMA</span> applies the existing provisions of financial market laws in a consistently technology-neutral way,” it added, thus ensuring that new technologies are not used to circumvent existing rules.</p> <p>Since crypto assets involve particular risks, <span class="caps">FINMA</span> said it had tied the approval to specific requirements, including that the fund may invest only in established assets with a sufficiently large trading volume. </p> <p>Investments also must be made through established counterparties and platforms that are based in a member country of the Financial Action Task Force and are subject to corresponding anti-money laundering regulations, <span class="caps">FINMA</span> said.</p> <p/> </div>