BY CNA Team - October 10, 2018
Crypto Fund becomes first Swiss crypto asset manager to be fully licensed
Crypto Fund, the asset management arm of Zug-based Crypto Finance, has been granted Switzerland’s first crypto asset management license by the country’s financial watchdog.
Crypto Fund offers services to institutional clients interested in investing in blockchain-related assets.
According to online news site swissinfo.ch, the license gives Crypto Finance more leeway to issue a wider selection of collective investment products that track cryptos, including funds based in Switzerland.
Earlier in the year, the Swiss Financial Market Supervisory Authority (FINMA) had granted Crypto Finance limited freedom to distribute offshore-based crypto funds.
With the upgraded license, Crypto Fund is also allowed to provide investment advice for institutional clients, which will put the asset manager on par with traditional asset managers.
The online news site noted that others are also looking for FINMA’s approval to offer their services in the country, with SEBA Crypto being the latest.
The Zug-based outfit managed to raise US$103mil late last month with plans to offer full banking services to crypto-related businesses.
Despite the license granted to Crypto Fund, swissinfo.ch says it remains to be seen whether this is a prelude to other licenses being issued.
With Malta, Gibraltar and Liechtenstein actively pursuing growth plans that centre around a crypto hub, Switzerland has been feeling the heat.
The Swiss Bankers Association together with the Swiss National Bank and FINMA have been holding discussions on how banking services can be more accessible to blockchain companies
The SBA in mid-September released guidelines to members who want to do business with blockchain startups.
Image courtesy of Crypto Finance website.