Swiss Exchange SIX approves the start of Crypto Market | Sept 11
The Swiss Financial Market Supervisory Authority (FINMA) announced today that a regulated Swiss exchange SIX would be launching a market for digital assets and securities custody.
Initially planned for the second half of 2019, regulatory hurdles have prevented the exchange from realizing its ambitions. Although no specific launch date has been announced today, it is expected that customers will be able to experience the exchange services soon following this challenging deal.
In February of this year, 21 Shares launched the world’s first publicly traded Polkadot (ETP) product on the SIX exchange after seeing increased demand for the asset in the region.
Often referred to as the crypto valley, Switzerland is considered by many to be one of the most applicable jurisdictions in the world for crypto activities. The country made a conscious decision against changing its tax laws in June, demonstrating its conviction that the existing infrastructure will be sufficient for the development of blockchain technology and DTL.
Together with the United Arab Emirates and Bermuda, Switzerland has recently become one of the fastest-growing safe-haven fund environments globally, according to the latest data from the Tax Justice Network.
Thomas Zeeb, Director of SIX Global Exchange, shared his views on the admission:
“The digitalization of financial markets continues, and while the final shape of the market is still developing, this is an important milestone in providing institutional investors with a safe and robust infrastructure.”
Related: Fintech company Leonteq expands crypto offering in Europe
Following the retail launch, SIX expressed the desire to diversify its offering to meet the needs of banks, issuers, insurance companies, and institutional investors in the network.
In addition to crypto-assets, the exchange also launched the idea of integrating traditional stocks, exchange-traded funds, and tokenized commodities such as luxury cars and works of art.