Switzerland has approved the first crypto fund

The adoption of cryptocurrencies in Switzerland is still gaining momentum. Local tax authorities grant more regulatory approvals to crypto investment vehicles. Approved by the Swiss Financial Market Supervisory Authority (FINMA) Crypto Market Index Fund. This is the first crypto fund under Swiss law, which the Office officially announced September 29.

The fund is running Swiss asset manager Crypto Finance. It is managed by the investment management company PvB Pernet von Ballmoos AG. FINMA noted that the newly approved fund is limited to qualified investors who invest primarily in cryptocurrencies or digital assets.

The fund will only invest in leading cryptocurrencies

The regulator stated that the Crypto Market Index Fund can only invest in leading cryptocurrencies with sufficiently large trading volumes. According to Crypto Finance, it will monitor the performance of Crypto Market Index 10, a product managed by SIX Swiss Exchange.

“The goal of the Crypto Market Index 10 is to reliably measure the performance of the largest, liquid cryptocurrencies and tokens and provide an investment benchmark for this asset class.” noted Crypto Finance.

FINMA added that it will require investors invested only through established counterparties that are domiciled in a member country of the financial group and that are subject to the relevant anti-money laundering regulations.

In connection with the approval of the FINMA fund, SEBA Bank AG also approved it as an institutional depository service by granting the company a CISA license.