Switzerland Approved A Cryptocurrency Fund For The First Time

Switzerland has approved a cryptocurrency fund for the first time. Switzerland has been approaching cryptocurrencies positively in recent months.

FINMA, the regulatory agency of Switzerland, where Bitcoin and Ethereum are accepted for tax payments in one region, and some crypto investment products are listed on the SIX Exchange, announced that it has approved the first cryptocurrency investment fund in the country. The Swiss Financial Market Supervisory Authority (FINMA) said in a statement that the approved "Crypto Market Index Fund" is restricted to private investors and is categorized under the name "other funds for alternative investments" with certain risks. In the statement, it was stated that new technologies should not be used to break the laws and that the rules will be applied in the same way, and the following statements were used: "To facilitate innovation, we at FINMA continue to implement the current requirements of financial market rules regardless of technology." In the statement of FINMA, it was also announced that since cryptocurrencies pose some risks, this approval is given based on certain rules and that the fund can only invest in formalized assets in the country with sufficient volume. It was emphasized that while investments are required to be made through formalized third parties and platforms, they are also subject to the rules of the Financial Action Task Force (FATF).