Switzerland approves first cryptocurrency fund

Adoption of cryptocurrency in switzerland has gained momentum as financial authorities has grant more regulatory approvals for crypto investment instruments. Previosuly, at the start of September, the authority officially allowed six Swiss Exchange to launch a digital marketplace and central securities depository built on distributed ledger technology.

The Swiss Financial Market Supervisory Authority (FINMA) on wednesday has officially announced that they have approved the first crypto fund accroding to the Swiss law. The fund will be known as Crypto Market Index Fund.

The newly approved fund is restricted to qualified investors, investing primarily in cryptocurrencies or digital assets “based on the blockchain or distributed ledger technology.”  The regulator added that the Crypto Market Index Fund may only invest in leading cryptocurrencies with a “sufficiently large trading volume.”