Switzerland issues first license for crypto asset management

Posted 09 October, 2018

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.
 

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09 October, 2018 16:24

← GMO Internet Group about to roll out yen-pegged stablecoin

Japan-based big fish in the IT industry – GMO Internet – is about to launch its own stablecoin in 2019. The asset is said to be pegged to the Japanese yen. The company plans to bring out the new coin GMO Japanese Yen (GJY) to Asia via its exchange department Z.com in 2019. The project team is getting ready for the launch. GJY is said to be used for GMO's own blockchain-based transactions since the holding is an operator of mining farms. In addition, another application of the stablecoin will be cross-border transactions via joint web banking business with Aozora banking group. GMO Japanese Yen will be the second stablecoin that is pegged to the Japanese yen, following a similar project voiced by China's  Xiong’An this September.

GMO Internet Group about to roll out yen-pegged stablecoin

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09 October, 2018 13:39

Binance to delist 4 digital coins →

Binance has announced delisting of several digital coins. The exchange will cease trading of the following coins: Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG). These measures result from regular reviews that are carried out to maintain users' security and confirm the quality of the assets offered at the platform. According to Binance, the digital asset assessment includes such items as quality and level of development activity, developers' interest in the project, the stability of the network and smart contract, public communication, contribution to a healthy and sustainable crypto ecosystem, etc. Binance did not specify the reasons and conditions that were broken by the delisted projects. Trading of 4 digital coins will be stopped on October 12, whereas users will be able to withdraw assets till November 12.

Binance to delist 4 digital coins
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