Swiss Exchange SIX receives license to publish the Cryptocurrency Marketplace
September 11, 2021
September 11, 2021
On Friday, the Swiss Financial Market Supervisory Authority (FINMA) announced that the authorized Swiss exchange SIX may set up a cryptocurrency marketplace based on distributed ledgers and a central securities account.
Originally slated to debut in the second half of 2019, the Six exchange has been hampered by legal obstacles.
While no specific rollout was announced on Friday, it is expected that consumers will get a feel for the platform in the coming weeks after this issue is resolved.
After 21 Shares identified a growing need for the asset in the region, 21 Shares introduced Polkadot’s world-leading exchange traded product (ETP) to the SIX market in February 2021. Often known as the cryptocurrency valley, Switzerland is widely recognized as one of the most hospitable countries in the world for cryptocurrency activities.
In June, the country made a conscious decision not to change its tax rules, believing that the existing framework would be sufficient for the development of blockchain and DTL technology. According to the latest statistics from the Tax Justice Network, Switzerland, along with the United Arab Emirates and Bermuda, has recently become one of the world’s fastest growing locations for safe money.
“The digitalization of financial markets remains strong, and while the final shape of the market is still developing, this is a significant achievement in providing a safe and strong framework for institutional investors.” said Thomas Zeeb, head of the global stock exchange at SIX.
After the retail debut, SIX showed a desire to expand its services to meet the needs of banks, underwriters, insurers and institutional investors in the global network. Bitcoin investments aside, the exchange has proposed including conventional stocks, exchange-traded funds, and tokenized commodities like premium cars and renowned works of art.