FINMA, the Swiss Financial Market Supervisory Authority has issued the first cryptocurrency asset management license in the country to a crypto investment fund, according to media outlet Swissinfo.
The licensee is Crypto Fund, a subsidiary of Crypto Finance AG, founded last year. Until now, the fund was only able to provide offshore-based crypto funds compliant with FINMA regulations.
Nevertheless, the new license will allow Crypto Fund to offer a broader array of collective investment products capable of tracing Bitcoin and other crypto assets.
Swiss info states there are quite a few rival crypto funds getting in line to receive approval for a variety of crypto-related products and services. These include applications for a license to provide complete banking services for cryptocurrency operators in Sweden.
Last week, Smart Valor, a Swiss blockchain startup received approval to operate in the local financial market under the Financial Services Standards Association (VQF). VQF has been authorized by FINMA to manage anti-money laundering compliance.
Also, this summer, the Zug government collaborated with local companies to test a blockchain-based municipal voting system. Zug is well known in the crypto industry and also nicknamed “Crypto Valley” as the town has numerous active crypto and blockchain-related projects.
Switzerland is hard at work regulating the crypto space. Back in February, FINMA announced comprehensive guidelines on ICOs and various projects will fall under them.