FINMA approves Switzerland's first bitcoin ETF, CoinDesk reports
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
Switzerland's regulator FINMA approved the country's first bitcoin ETF, granting a single-asset exemption based on the asset's trading history and volume, according to CoinDesk.
Switzerland's financial regulator, FINMA, announced the approval of a Bitcoin (BTC) exchange-traded fund for the first time, CoinDesk reported. Previous Swiss regulatory rules prohibited ETFs from holding just a single underlying asset, which required earlier single-cryptocurrency vehicles to launch under the broader exchange-traded product designation.
According to CoinDesk, FINMA authorized an exemption specifically allowing ETFs to hold only bitcoin. The regulatory authority cited the asset's long trading history and particularly high trading volume compared with other cryptocurrencies as the basis for the decision.
Key facts
- First Swiss bitcoin ETF approved
- FINMA granted exemption
- Single-asset rule bypassed