Switzerland reportedly saw the first license for crypto asset management. The Swiss Financial Market Supervisory Authority (FINMA) granted the license to Crypto Finance, which enables providing of crypto-related services to institutional clients.
According to local media, earlier FINMA provided the company with restrained opportunities of offshore-based crypto funds distribution. However, with this license, Crypto Finance will become able to expand the list of offered collective investment products, including funds in Switzerland.
"The importance of crypto assets is growing and our aim is to accelerate maturity in these markets. Regulatory recognition remains highly sought after by participants, as seen in recent press and company statements,” as the company CEO noted.
It is worth mentioning that some other companies are also waiting for such license from the Swiss regulator. Specifically, Seba Crypto wants to offer a full package of crypto-based banking services in case of the approval.
Besides, Crypto Finance can also consult institutional clients regarding investment activities, which means that the company may stand along with the traditional asset managers in the country.
Crypto Finance appeared in June 2018 in Zug. The list of services includes asset management, digital coin custody and brokerage.