Switzerland’s financial regulator has approved its first retail fund investing directly in Bitcoin, with requirements aimed at improving investor protection and transparency.
The Swiss Financial Market Supervisory Authority (FINMA) has approved an exchange traded fund (ETF) that invests directly in Bitcoin. The fund is classified as an ‘other fund for alternative investments’ under Swiss law. In 2021, Finma had authorised a cryptocurrency fund for qualified investors Finma said the approval reflects growing interest in cryptocurrency investments, particularly Bitcoin. Other fund providers have also submitted or announced applications for s