Swiss Regulator Grants Financial Services License To Crypto Fund
A Swiss firm Crypto Fund AG became a national pioneer after being granted a license which allows management of digital assets. Now, with the permission issued by the Swiss Financial Market Supervisory Authority (FINMA), the company will be able to offer cryptocurrency services to institutional investors, Swissinfo reports.
Crypto Fund AG is a subsidiary of Crypto Finance AG, a group of companies based in the Swiss Crypto Valley in Zug, which is an international trade city. Due to supportive attitude of local authorities to the digital currency industry, hundreds of crypto projects operate here.
CEO of the holding Jan Brzezek said that obtaining the regulatory license is "a major breakthrough." According to him, the cryptocurrency market continues to grow and needs support, so more and more blockchain-related companies are seeking approval from financial regulators.
To top it all, along with Crypto Fund, several other Swiss-based fintech enterprises literally stood in line for a license from FINMA. Recently, new firm Seba Crypto has also announced that it hopes to get approval for providing banking services to individuals and legal entities, whose activity is related to digital assets. Earlier, a startup attracted $103 million investments to establish a crypto bank.
In 2018, Crypto Fund received the regulator's license to distribute cryptocurrency investments. New empowerment will expand the company's scope, in particular, allowing it to create a mechanism for tracking funds stored in bitcoins and other crypto assets. The fund will also offer services and advice on investment management along with traditional firms.
As previously reported, it is especially profitable for crypto companies to do business in Switzerland.