Swiss Financial Regulator Announces Opening of Cryptocurrency Fund

ZURICH (Pakistan Point News / Sputnik - 29th September, 2021) The Swiss Financial Market Supervisory Authority (FINMA) said on Wednesday it has approved the creation of the country's first cryptocurrency fund intended only for qualified investors.

"For the first time, FINMA has approved a Swiss fund that invests primarily in cryptoassets, that is to say in assets based on the blockchain or distributed ledger technology. The fund concerned goes by the name of the 'Crypto Market Index Fund,'" FINMA said.

Only qualified investors will be able to invest, according to the statement.

The regulator noted that under Swiss law, the cryptofund belongs to the category of "other funds for alternative investments" with special risks. The agency also announced that the investment will be made through established counterparties and platforms that are based in a member country of the Financial Action Task Force on Money Laundering and are subject to relevant anti-money laundering regulations.