Crypto Fund AG, a Zug-based subsidiary of the Swiss Crypto Finance Group (CFG) has acquired permit from the country’s financial market regulator, FINMA to distribute funds to qualified investors, Reuters reported. According to Crypto Fund AG’s parent company, Crypto Finance AG, it’s the first crypto company to receive such permit. It is also a member of the VQF – a self-regulatory organisation (SRO) in Switzerland.
Jan Brzezek, CEO and founder of Crypto Fund AG said that
“ 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”
(FINMA) has confirmed the decision but it hasn’t yet specified if this was in fact the first license of this kind.
According to Crypto Fund AG’s parent company CFG’s website, the Crypto AG Fund simplifies access to the entire market of Crypto assets for investors by assets invested directly and diversified in Crypto. Keeping its clients up to date with the market and the technological developments of Crypto Assets is time-consuming and tedious. Investing in a passive index fund will not only cover one crypto asset, but several.
The company has also said on its website it was also seeking approval for a passive investment vehicle tracking a benchmarked index of up to 10 of the largest and most liquid cryptocurrency assets and tokens, as calculated and maintained by Swiss bourse SIX.
According to ETHNews, In January, Crypto Finance AG announced the launch of Crypto Fund AG, and stated that it was seeking approval to operate in Switzerland. According to that announcement, the fund had been launched outside of Switzerland, but the company was seeking approval for it to operate inside the country. It now has that authorization.
