As the US Securities and Exchange Commission flounders with their decision to approve a Bitcoin ETF, they’re beat to the punch by Swiss regulators.
As the 2018 crypto bear market relentlessly drags on, Switzerland’s main stock exchange has given the green light to the first ETP that tracks multiple cryptocurrencies.
Named the Amun Crypto ETP, this potentially industry defining product will start trading on the SIX Swiss exchange in Zurich next week. It will track Bitcoin (49.7%), Ripple’s XRP (25.4%), Ethereum (16.7%), Bitcoin Cash (5.2%), and Litecoin (3%), and will have an annual management fee of 2.5%.
Speaking to the Financial Times, Hany Rashwan, co-founder and chief executive of Amun, a London financial tech company, said the ETP had been carefully constructed to meet the strict standards that conventional exchange traded products and funds require.
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
With this, a milestone has been reached in the cryptocurrency space. For the better part of the last 2 years, many companies have tried and failed to get approval for a cryptocurrency (specifically Bitcoin) ETF on the US stock market.
It’s quite possible that this approval by Switzerland will influence a decision by the US SEC, who have set a deadline of December 29, 2018 for their next verdict on the VanEck-SolidX Bitcoin ETF.