The Swiss Financial Market Supervision Authority (FINMA) has issued the first cryptocurrency asset management license in the country’s history. Its owner was a Crypto Finance Group based in Zug.
Due to the presence of this license, the company was able to legally provide institutional customers with services related to digital currencies, and in fact has equal rights with traditional asset managers.
Crypto Fund AG, received a FINMA license to launch tools for qualified investors. The new license, however, will allow Crypto Finance to issue a wider range of products for collective investments tied to Bitcoin and other cryptocurrencies, including funds located in Switzerland.
SwissInfo.ch writes that several Swiss companies are expecting to receive a similar license from FINMA. One of these could be SEBA Crypto, which recently applied for a full range of banking services using cryptocurrencies.
FINMA database shows that Crypto Fund AG Jan Brzezek is now authorized as a manager of “collective investments” under the country’s Collective Investment Schemes Act.
“The importance of crypto assets is growing and our aim is to accelerate maturity in these markets. Regulatory recognition remains highly sought after by participants, as seen in recent press and company statements.”
Bitcoin asset management services have also been offered by Falcon Private Bank based in Zurich. In addition, in August of this year, private bank Maerki Baumann announced the start of working with digital assets received by customers as payment for services or earned through mining.