Switzerland: Crypto Fund Wins Wealth Management License

The Crypto Fund announced that it has successfully obtained a digital asset management license from the Swiss Financial Market Supervisory Authority ( Finma) . The news is a major breakthrough for crypto-community and crypto-industry as a whole.

A major breakthrough

Founded in June 2017, Crypto Fund is considered the financial arm of Crypto Finance AG based in Zug (a Swiss city). The country is also tending to maintain its leading position in terms of openness to cryptocurrencies.

His latest effort concerns the licensing of Crypto fund by the Finma or the Swiss Financial Market Supervisory Authority. Crypto Finance CEO Jan Brzezek hailed the news as a "major breakthrough".

It places the company on a par with other Swiss fund managers recognized and regulated globally without which its activities would be "limited as compliance with rules relating to money laundering" has noted Mathias Maurer, chief operating officer of Crypto Fund.

At the same time, he adds, "This authorization represents the culmination of hard work over the past 12 months and is an important step towards achieving a new goal for society. "

From now on, Crypto Fund will be able to present a range of cryptomonetary products (Bitcoin and other cryptocurrencies) including funds based in the country, and provide investment advice to institutional clients . It will therefore operate in the same way as traditional Swiss wealth managers.

Switzerland continues to expand its crypto space

Alongside countries like Gibraltar, the Isle of Man, the Cayman Islands and Mauritius, Switzerland has embraced digital currencies such as Bitcoin and Bitcoin Cash. It considers crypto-currencies and Blockchain as a major strategic innovation in the world of finance.

The country's tax authority, for its part, observes cryptocurrencies as taxable assets on income and must be stated in the annual tax returns.

By improving the management of collective investment schemes, FINMA is setting the bar higher for cryptocompanies based in Switzerland and abroad. Many of them, however, are queuing for support. This demonstrates the importance of its licensing process.

According to reports Zug, also known as the Crypto Valley, ranks proudly among the most crypto-currency friendly cities in the world. With more than 400 companies managing digital assets and achieving four of the top ten ICOs in 2017, Switzerland is far ahead of all other countries.

What do you think about investment funds related to cryptocurrencies? What about Switzerland's efforts to develop the sector? Let us know in the comments section below.

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