The Swiss Financial Market Supervisory Authority (FINMA) has given the go signal for Switzerland’s stock exchange to offer cryptocurrency trading through a fresh digital stock exchange.
BTC is down 4.17%, ETH down 8.17%, and XRP down 5.97%.
The Swiss Stock Exchange said the approval to launch the SIX Digital Exchange will come with regulated trading, settlement, and custody infrastructure based on blockchain.
The digital exchange will allow investors to avail of stocks and bonds in the form of digital tokens, with plans of expanding this to include tokenized versions of exchange-traded funds and other assets in the future.
The development makes SIX among the pioneer bourses to launch an exchange focused on digital assets, with plans dating back as early as 2018. No timeline has been set for the launch.
SIX Digital Exchange said it is optimistic it will bring in investments from banks, insurance firms, and institutional investors across the globe, as it continues to infuse funds to develop its technology in the coming months.
SIX Global Head of Exchanges Thomas Zeeb said the approval is only the beginning, and the firm will continue to work with stakeholders for future developments.