FINMA clears Switzerland’s first spot Bitcoin ETF for retail investors
Photo: crypto.news
Switzerland's financial regulator has approved the country's first spot Bitcoin exchange-traded fund for retail investors, allowing a Swiss investment fund to hold the cryptocurrency directly under the country's collective investment rules. FINMA has approved Switzerland's first retail investment fund that invests directly in Bitcoin. The regulator granted an exception to diversification requirements because of Bitcoin's trading history and liquidity. Existing Swiss cryptocurrency ETPs are debt securities, while the new ETF operates under investment fund law. FINMA requires safeguards covering custody, operational risks, disclosures and investor suitability.
Also reported by Coinotag, The Defiant, TheCoinrise.
Source: crypto.news
