Crypto Fund AG, a firm focused on crypto investments, received a license to distribute funds in Switzerland from FINMA, the country's financial market watchdog.
The Zug, Switzerland-based firm announced on Monday that it won a FINMA license as a distributor of collective investment schemes and gained the opportunity to distribute funds to qualified investors.
The subsidiary of the Crypto Finance Group claimed in a statement that it was the first crypto fund company in Switzerland to receive this authorization.
That said, it remains unclear if the FINMA license would allow the firm to launch crypto funds.
"For us, getting the FINMA license is a big step in the right direction, to establish us as the first point of contact for crypto assets," Jan Brzezek, CEO and founder of Crypto Fund AG and a former UBS banker, said.
Crypto Fund AG is a member of the VQF - a Self-regulatory organisation in Switzerland.
Information on the Crypto Fund AG's website suggest that the firm is planning to seek FINMA approval for its Crypto Market Index Fund, which is described as a passive investment vehicle available for qualified investors.
The fund tracks the Crypto Market Index 10 that is calculated and maintained by SIX Swiss Exchange AG. Both the fund and the index is re-balanced quarterly and contains up to the 10 largest crypto assets that are weighted according to their market capitalization.
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