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Switzerland's SIX Bourse To Launch Cryptocurrency Exchange

switzerland july6 lt

Swiss stock exchange owner SIX is set to launch its own fully regulated cryptocurrency exchange called SIX Digital Exchange (SDX). The exchange will provide trading, settlement and custody service for digital assets such as Bitcoin. The first services will be rolled out in mid-2019.

SIX is already a regulated operator of Financial Market Infrastructure (FMI) by Swiss Authorities, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank.

The service provided by SDX will be mainly based on Blockchain's Distributed Ledger Technology (DLT).

The exchange is being launched at a time when big global crypto exchanges are considering shifting base to Switzerland as regulators in their native countries are increasingly tightening the noose around them.

When many banks around the world are looking to stop providing services to crypto exchanges and crypto firms, Swiss banks are starting to throw open their doors to such firms.

Recently, Dukascopy Bank Hypothekarbank welcomed crypto brokers, crypto exchanges and crypto-firms to open corporate accounts with the bank.

Switzerland hopes to attract more fintech firms as it has been one of the most crypto-friendly jurisdictions in Europe, with regulators offering clear operating guidelines to crypto companies. The town Zug has transformed itself into a "crypto valley" hosting several startups.

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