The Swiss Financial Market Supervisory Authority (FINMA) announced today that it has granted a cryptocurrency asset management license to Crypto Finance AG subsidiary Crypto Fund, according to reports from Swiss media outlet Swissinfo.
The license is an upgrade for Zug-based Crypto Fund, which has until now been restricted to distributing offshore-based crypto funds. The new license frees the company to expand its offerings. Crypto Fund will now be able to issue Bitcoin-tracking investment products, provide its institutional clients with investment advice, and enjoy many of the same freedoms exercised by the country’s more traditional asset management firms.
Switzerland has made an effort to become one of the more crypto-friendly nations in the world, while taking steps to implement sensible regulation for the crypto and blockchain space. The country has already moved to provide more detailed guidance for ICOs, and clarified its regulatory expectations for utility, asset, and payment tokens.
Swissinfo reports that other companies are lining up to get their own licenses:
Several other competitors have been queuing up at FINMA’s door to get approval to offer their services in Switzerland. New outfit Seba Crypto recently joined that list, announcing that it hopes to get a license to offer full banking services for cryptocurrency operators in future.