Swiss Exchange SIX Receives License to Unveil Cryptocurrency Marketplace

On Friday, the Swiss Financial Market Supervisory Authority (FINMA), announced its permission for authorized Swiss exchange SIX to establish a distributed ledger-based crypto currency marketplace and central securities repository.

Originally planning to debut in the second half of 2019, the Six exchange has been stymied by legislative obstacles.

Even though no particular rollout was revealed on Friday, consumers are anticipated to be able to have a feel of the platform in the upcoming weeks after this issue is resolved.

After noticing increasing requirement for the asset in the area, 21 Shares introduced the world’s foremost Polkadot exchange-traded product (ETP), on the SIX market in February 2021. Switzerland, often known as the cryptocurrency valley, is generally considered as one among the world’s most welcoming countries for cryptocurrency activities.

In June, the country deliberately chose not to change its taxes rules, stating that it believes the existing framework would be enough for the development of blockchain and DTL technology. As per current Tax Justice Network statistics, Switzerland, along with the United Arab Emirates and Bermuda, has lately emerged as one of the world’s rapidly-rising locations for safe-haven money.

“The digitization of financial markets remains strong, and although the ultimate form of the market is still developing, this is a significant accomplishment in offering institutional investors with a secure and strong framework,” said Thomas Zeeb, SIX’s worldwide chief of exchanges.

Following the retail debut, SIX indicated a desire to broaden its services to meet the needs of the worldwide network’s banks, underwriters, insurers, and institutional investors. Aside from bitcoin assets, the exchange has proposed including conventional equities, exchange-traded funds, and tokenized commodities like premium automobiles and renowned pieces of art.