Crypto Fund AG receives a Swiss financial services license

Crypto Fund AG, a subsidiary of Crypto Finance AG, has received a license from the Swiss regulator FINMA to distribute funds.

On Monday, June 18, 2018, Crypto Fund AG announced that it has received a FINMA (Financial Market Supervisory Authority) license as a distributor of collective investment schemes and has received the right to distribute funds to its investors.

The parent company Crypto Finance AG claims that Crypto Fund AG is the first company in the crypto market to receive such a license, although FINMA has not yet has not yet confirmed the information that Crypto Fund AG is indeed the first crypto investment company to receive such powers.

On the FINMA website, Crypto Fund AG is indeed listed as an authorized financial service provider. It is included in the list of asset managers, representatives of foreign collective investment schemes and distributors of collective investment schemes. The document identifies Crypto Fund AG as a "distributor" but also states that the company is not authorized to act as a representative or asset management company. In addition, Crypto Fund AG is also a member of the self-regulatory organization VQF (Financial Services Standards Association) of Switzerland.

In January 2018, Crypto Finance AG announced the launch of Crypto Fund AG and that they intended to legalize their activities in Switzerland. Thus, in just 6 months they managed to achieve their goal.

Company CEO Jan Brzezek stated: “For us, obtaining the FINMA license is a big step in the right direction to make us the starting point for the creation of crypto assets.”

According to ETHNews