Swiss financial authority grants asset manager licence to crypto firm
Crypto Fund AG, a subsidiary of Crypto Finance AG, is the first crypto company to receive authorisation from the Swiss Financial Market Supervisory Authority (FINMA) under the Swiss Collective Investment Schemes Act CISA.
This authorisation as a fund manager firmly positions Crypto Fund AG alongside globally recognised Swiss fund managers.
CEO and co-founder of parent company Crypto Finance AG, Jan Brzezek said: “The FINMA authorisation for Crypto Fund AG is a key step for our clients and investors, and for us in becoming a leading provider of digital asset services worldwide.”
Additionally, Crypto Fund AG has also appointed Professor Fabian Schär to the board of directors. Schär’s research includes applications powered by blockchain technology and smart contracts.
Attracting Institutional Investors
Earlier this year, Crypto Fund AG obtained a licence to distribute funds to qualified investors. FINMA’s positive attitude towards the cryptoverse positions the country at the forefront of the crypto development. Swiss regulator’s decision will naturally offer another positive impact to the global crypto space.
Regulators around the world are working a way to bring these crypto firms within the regulatory umbrella. In US, many crypto firms have obtained approvals to offer products and serve as a bridge to institutional investors.
Similarly, several other crypto-centric enterprises are seeking approval from Swiss regulators to offer their services. One such firm is Swiss banking outfit SEBA Crypto AG that raised $104m to develop a crypto bank to serve both crypto companies and traditional financial institutions.
The central European country has a favourable track towards the crypto verse and Switzerland has been taking constructive steps to become the leading player in the sector.