ZURICH, Sept 29 (Reuters) – Switzerland’s monetary markets supervisor mentioned on Wednesday it had authorised the nation’s first fund that invests primarily in crypto belongings.
The Crypto Market Index Fund is restricted to certified buyers and categorised beneath “different funds for various investments” with explicit dangers, the Swiss Monetary Market Supervisory Authority (FINMA) mentioned in an announcement.
Crypto belongings are based mostly on the blockchain or distributed ledger know-how.
“So as to facilitate critical innovation, FINMA applies the present provisions of economic market legal guidelines in a constantly technology-neutral approach,” it added, thus making certain that new applied sciences should not used to bypass present guidelines.
Since crypto belongings contain explicit dangers, FINMA mentioned it had tied the approval to particular necessities, together with that the fund could make investments solely in established belongings with a sufficiently giant buying and selling quantity.
Investments additionally have to be made via established counterparties and platforms which might be based mostly in a member nation of the Monetary Motion Process Drive and are topic to corresponding anti-money laundering rules, FINMA mentioned.
Reporting by Michael Shields; Modifying by Ramakrishnan M.
Our Requirements: The Thomson Reuters Trust Principles.