Swiss-based Crypto Fund AG, a subsidiary of Crypto Finance AG, became the first company to get a license from the Swiss Financial Market Supervisory Authority (FINMA). The authorization, which was provided under the Swiss Collective Investment Schemes Act (CISA), offers the same privileges received by professional fund managers operating in Switzerland. The move proves that the country is ready to embrace the cryptocurrency industry.
The company, headquartered in Zug, is considered an asset manager of collective investment schemes. It suggests that Crypto Fund AG can manage domestic and foreign funds and offer investment advisory services.
Jan Brzezek, co-founder and CEO of Crypto Finance AG, commented:
“The FINMA authorization for Crypto Fund AG is a key step for our clients and investors, and for us in becoming a leading provider of digital asset services worldwide.”
By providing a license to a crypto fund – so far the only one – the FNMA has raised the standards for local and foreign crypto firms. Without this kind of authorization, crypto-oriented companies don’t have a significant reach, and they are only required to comply with anti-money laundering (AML) regulations.
Mathias Maurer, chief operating officer of Crypto Fund AG, stated:
“The authorization represents our professional work over the last 12 months and is a major milestone for us. Our thanks go, above all, to our partners who made this ground-breaking authorization possible and to FINMA for the good cooperation.”
CEO Jan Brzezek said that the company wanted to contribute to the maturing process of the cryptocurrency market, and the current license represented a shift in the crypto asset space.
Crypto Finance AG operates three subsidiaries: Crypto Fund AG, Crypto Broker AG, and Crypto Storage AG.
The company also announced that the fund’s Board of Directors was joined by Professor Fabian Schär, who is the director of Center for Innovative Finance (CIF) at the University of Basel in the Faculty of Business and Economics.
Elsewhere, we reported on Tuesday that Swiss startup SEBA Crypto AG plans to become the first cryptocurrency investment bank, as it applied for a license with the FINMA.