Zug, sometimes referred to as ‘Crypto Valley,’ is well known as a hub of crypto which is pushing Switzerland into a crucial position for crypto adoption. Crypto Fund has been licensed to manage crypto assets, significantly increasing its ability to issue crypto investment products.
According to Swiss Info, the Swiss Financial Market Supervisory Authority (FINMA) has issued its first ever cryptocurrency asset management licence to Crypto Fund, a branch of Crypto Finance, which will allow it to compete with traditional investment funds by offering guidance and working with institutional clients on investing in various distributed ledger-based products.
Our CEO, @JanBrzezek is at @CNNMoneyCH Switzerland today. Don't miss the opportunity and tune in at 6:05 pm!— Crypto Finance (@CryptoFinanceAG) October 10, 2018
He talks with @HannahWiseCNN about crypto asset markets, the new top 50 @_CV_VC_ and @PwC Crypto Valley companies list, and the Crypto Fund AG authorisation by FINMA. pic.twitter.com/58cuzOarAp
This marks Swiss regulatory authorities making good on promises to enhance legal acceptance of crypto enterprises, as well as grant these emergent fintech startups more access to banking services. Seba Crypto, also based in Switzerland is for example lobbying FINMA to grant it licensing up to full banking capabilities, joining a list of crypto companies which are lining up to get regulatory approval.
Almost 25,000 online German retailers could start accepting crypto in 2019. A Swiss startup has signed strategic partnerships in Europe, hoping to become the "PayPal of Crypto” #CT_sponsoredhttps://t.co/ojRgEZYdex— Cointelegraph (@Cointelegraph) October 10, 2018
According to the Crypto Valley Venture Capital (CVVC) organization, Zug is a fecund incubator for crypto startups, the top 50 of which are worth a total of more than $44 Billion. The CVVC has also been pioneering self-regulatory practices for crypto, which many are pointing to as a necessity for an industry increasingly dogged by SEC and other regulatory controls.
Switzerland’s tech industry is positioning itself to really implement crypto in a major way. In the meantime, Crypto Fund has scored a major victory which will allow it to be a major player in Switzerland, often called ‘Crypto Nation,’ a reputation which will only be bolstered by this announcement.