Digital Assets: Swiss Regulator FINMA Approves First Swiss Crypto Asset Fund

September 29, 2021 | Digital Assets, Latest News, News
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Asset manager Crypto Finance will manage the fund with custody by SEBA Bank AG.

The Swiss Financial Market Supervisory Authority FINMA has approved the first crypto fund according to Swiss law. The “Crypto Market Index Fund” by Crypto Finance (Asset Management) AG is restricted to qualified investors and will invest primarily in cryptoassets, or assets based on the blockchain or distributed ledger technology, the FINMA said in a statement.

Asset manager celebrates FINMA approval

“For Crypto Finance, as the first asset manager to launch a Swiss crypto-asset investment fund, it is an exceptional achievement to launch this crypto investment fund together with strong Swiss partners,” Crypto Finance said in a statement . “In line with traditional investment funds, the segregation of assets from the custodians’ balance sheet eliminates counterparty risk for investors.”

The passive investment fund from Crypto Finance tracks the performance of the Crypto Market Index 10, which is administered by the SIX Swiss Exchange.

The index measures the performance of the largest, liquid crypto assets and tokens and provides an investable benchmark for this asset class.

“Asset managers can now offer strategies based on crypto assets to a broader audience by using Swiss-based mutual fund structures with SEBA Bank as an approved custodian. We are excited to enable liquid investment funds to investors using crypto assets as the underlying investment universe. This is a further step in the evolution of digital assets investments,” said Guido Buehler, CEO of SEBA Bank.

The Crypto Market Index Fund would be attractive to Swiss wealth management banks, asset managers, pension funds, and other professional investors who have long awaited a regulated vehicle for investing in digital assets.

Related Story: Switzerland’s SIX Digital Exchange Gets FINMA Approval

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