The Swiss Financial Market Supervision Authority (FINMA) has issued the first-ever cryptocurrency asset management license in the country’s history. Its owner was the Crypto Finance Group based in Zug, Swissinfo.ch reports.
A Crypto Finance division called Crypto Fund AG has already received a FINMA license to launch tools for qualified investors earlier this year. However, the new license will allow Crypto Finance to release a wider range of products for collective investments tied to Bitcoin and other cryptocurrencies, including funds located in Switzerland.
As the magazine writes, several Swiss companies are expecting to receive a similar license from FINMA. One of these could be SEBA Crypto, which recently applied for a full range of banking services using cryptocurrencies.
It should be noted that since last summer, Bitcoin asset management services have also been offered by Falcon Private Bank based in Zurich. In August of this year, private bank Maerki Baumann announced the start of working with digital assets received by customers as payment for services or earned through mining.