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Swiss Exchange SIX grants approval for the introduction of a crypto marketplace

The Swiss Financial Market Supervisory Authority (FINMA) announced on Friday its approval for the regulated Swiss stock exchange SIX to open a marketplace for digital assets and a central securities depository based on distributed ledger technology.

Originally intended to be launched in the second half of 2019, regulatory hurdles prevented the Six exchange from advancing its ambitions. Although no specific launch date was announced on Friday, it is expected that once this challenge has been negotiated, customers will be able to experience the exchange’s offerings in the near future.

In February of this year, 21 Shares launched the world’s first publicly traded Polkadot (ETP) product on the SIX exchange, after recognizing the growing demand for the asset in the region.

Switzerland is commonly referred to as the crypto valley and is widely recognized as one of the world’s most accommodating jurisdictions for cryptocurrency activity. The country made a conscious decision against changing its tax laws in June and expressed its conviction that the current infrastructure adequately accommodates the growth of blockchain and DTL technologies.

Along with the United Arab Emirates and Bermuda, Switzerland has emerged as one of the fastest growing environments for safe haven funds recently, according to the latest data from the Tax Justice Network.

The global head of the SIX stock exchange, Thomas Zeeb, shared his views on the admission:

“The digitalization of financial markets is advancing, and while the final shape of the market is still developing, this is an important milestone in providing a safe and robust infrastructure for institutional investors.”

Related: Fintech company Leonteq expands crypto offering in Europe

After the launch in the retail business, SIX expressed the wish to diversify its offering in order to meet the requirements of banks, issuers, insurance companies and institutional investors within its global network.

In addition to cryptocurrency investments, the exchange also launched the idea of ​​incorporating traditional stocks, exchange-traded funds, as well as tokenized commodities such as luxury cars and celebrated works of art.

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