The Swiss financial market supervisory authority FINMA has approved the Swiss Exchange SIX to operate a trading platform for digital investment products and to act as a central securities depository with the aid of distributed ledger technology (DLT).
Although the start of the trading platform was actually planned for the end of 2019, it has been postponed again and again due to official objections. The stock exchange is accordingly cautious now, because despite the admission, no concrete start date has yet been announced. However, investors can assume that this will take place soon after FINMA has finally given the go-ahead.
Nevertheless, SIX has been working with digital investment products for a long time, for example the world’s first Polkadot ETP was listed on the Swiss stock exchange in February.
In any case, Switzerland is considered to be one of the countries that is most open to the new asset class. It is not for nothing that the canton of Zug bears the nickname “Crypto Valley”, because the prerequisites for the crypto industry are particularly beneficial here. The Swiss do not currently consider a change in tax law to be necessary, because this would already be sufficiently advantageous for blockchain companies.
In addition to Bermuda and the United Arab Emirates, Switzerland is therefore one of the most attractive regions for the industry to settle in, according to the Tax Justice Network. The Alpine republic has the best cards to benefit from the rapid growth of the crypto market in the future.
Thomas Zeeb, the Global Head of Exchanges and member of the SIX Group Management, is accordingly optimistic about the receipt of the two approvals:
“The digitization of the financial markets continues. Even if the final shape of the market has not yet been determined, this is an important milestone in providing institutional investors with a safe and robust infrastructure. “
After opening up to private investors, SIX wants to tailor its crypto offering to institutional investors, banks and insurance companies.
Furthermore, in addition to cryptocurrencies, stocks, index funds (ETFs) and tokenized goods such as art or real estate are to be offered on the digital trading platform in the future.