Crypto Fund AG, a subsidiary of Crypto Finance AG, obtained a license from Swiss regulators FINMA to distribute funds.
On Monday, Crypto Fund AG announced[1] it was issued a license from Swiss financial regulator FINMA to "distribute funds to qualified investors." According to Crypto Fund AG's parent company, Crypto Finance AG[2], it's the first crypto company to receive such licensure, though FINMA has not confirmed this to be the case.
FINMA's website does indicate Crypto Fund AG is an authorized financial service provider. The firm is included[3] on its "list of fund management companies, representatives of foreign collective investment schemes and distributors of collective investment schemes," which was updated yesterday. The document designates Crypto Fund AG as a "distributor," but it also indicates the firm does not have permission to act as a "representative" or as a "fund management company."
In January, Crypto Finance AG announced[4] the launch of Crypto Fund AG, and stated that it was seeking approval to operate in Switzerland. According to that announcement, the fund had been launched outside of Switzerland, but the company was seeking approval for it to operate inside the country. It now has that authorization.
In the January announcement, CEO Jan Brzezek described Crypto Fund AG as, "a passive fund that tracks the first blue-chip index for crypto currencies," and stated the fund was intended for institutional, rather than retail investors. It currently lists the values for bitcoin, bitcoin cash, Cardano, EOS, Ether, Iota, Litecoin, Stellar, and TRON.
Tim Prentiss is a writer and editor for ETHNews. He has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.
