The Swiss regulator has approved the launch of a cryptocurrency fund for the first time – Bits Media

Switzerland continues to follow the path of adoption of cryptocurrencies. The country's financial regulator for the first time approved the launch of a cryptocurrency fund on the Crypto Market Index 10, consisting of ten crypto assets.

According to the statement
Financial Market Supervisory Agencies (Finma), The regulator approved the launch of the Crypto Market Index Fund – first cryptocurrency fund, operating in accordance with Swiss law. The fund was launched by Swiss asset manager Crypto Finance and investment management firm PvB Pernet von Ballmoos AG. The custodian is SEBA Bank, received
this week a license for storing digital assets.

FINMA stated, that the new fund is intended only for qualified investors. Crypto Market Index Fund can invest in the largest cryptocurrencies with a fairly large trading volume. According to Crypto Finance, the fund will track the dynamics of the Crypto Market Index 10 – index, administered by the Swiss stock exchange SIX.

“The purpose of the Crypto Market Index 10 – reliably assess the performance of the largest liquid cryptocurrencies and tokens and provide investment guidance for this asset class", – notes in Crypto Finance.

FINMA added, that institutions will have to invest only through counterparties, who are located in a country that is a member of the Financial Action Task Force (FATF) and are subject to relevant anti-money laundering provisions.

Recall, that in February FINMA began to tighten
cryptocurrency regulation. In accordance with the new rules, users of digital currencies will be required to undergo identification when carrying out transactions with crypto assets worth more than $1 000.