Swedish authority FINMA issues country’s first crypto asset management license

Cezar Renta

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.