Crypto Gains New EU Stronghold as Sweden Approves Swiss ETP Startup

Published at: Dec. 10, 2019

Swiss cryptocurrency financial firm Amun AG has gained permission to offer its products to retail clients in the European Union.

In a press release issued on Dec. 10, Amun confirmed it had received approval for a base prospectus it filed with Sweden’s finance regulator, the Swedish Financial Supervisory Authority (SFSA).

Amun praises supportive Swedish regulations

Following regulatory approval, the firm can now market its various exchange-traded products (ETPs) to retail clients throughout the EU.

“We recognise that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation,” Ophelia Snyder, president of Amun, commented in the press release. Snyder added that ETPs remain sought after throughout the 28-member bloc: 

“The combination of strong demand for ETPs in Sweden – especially in crypto assets – among private investors and institutional clients and our strong expertise in these product categories create ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs.”

More crypto ETPs to come

As Cointelegraph reported, Amun has played a crucial role in the expansion of Switzerland’s own crypto offerings, both domestically and overseas. 

Among them was an ETP dedicated to crypto exchange Binance’s in-house cryptocurrency, Binance Coin (BNB), which launched on the Swiss Stock Exchange, or SIX, in October. 

Going forward, the company said it plans to only increase the number of ETPs on offer, stating that it is “committed to maintaining the highest standards of professionalism and looks forward to continuing a productive and collaborative relationship with new and existing partners in Sweden and the rest of the European Union.” 

SIX listed a Tezos (XTZ)-based ETP with staking rewards last month. The staking feature allows users to “stake” — or deposit — their funds to help maintain the Tezos network and passively earn rewards.

Last week, SIX also launched a physically-backed Bitcoin (BTC) ETP targeted at institutional investors. Swissquote bank will serve as a custodian for the product.

Tags
Bitcoin Regulation
Cryptocurrencies
Switzerland
European Union
Sweden
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