Crypto acceptance remains to gain momentum in Switzerland

Crypto acceptance remains to gain energy in Switzerland as local financial regulators allowed more authority approvals for cryptocurrency investment tools.

The Swiss Financial Market Supervisory Authority (FINMA) has accepted the Cryptocurrency Market Index Fund as the “first crypto fund according to Swiss law,” the authority legitimately publicized.

The fund is introduced by Swiss asset manager Crypto Finance and is directed by investment management company PvB Pernet von Ballmoos AG with custody by regulated custodian SEBA Bank AG.

FINMA noted that the recently permitted fund is limited to eligible investors, investing mainly in cryptos or digital assets “based on the blockchain or distributed ledger technology.”