Swiss Regulator Approves First Bitcoin ETF

The Swiss Financial Market Supervisory Authority (FINMA) has approved the country's first exchange-traded public fund that directly invests in Bitcoin. This fund falls under the category of alternative investment funds under Swiss law and is marked as having special risks. FINMA stated that, considering Bitcoin's longer trading history and higher trading volume compared to other cryptocurrencies, it has exempted the fund from applicable risk diversification rules. At the same time, it requires regulated entities to take measures to reduce operational and custody risks and to clearly disclose risks in the fund documents. FINMA emphasized that even with the approved ETF investment, Bitcoin remains a high-risk asset, and the invested capital may significantly depreciate. Additionally, several fund institutions have submitted or announced plans to submit similar applications. Previously, FINMA approved a cryptocurrency fund aimed at qualified investors in 2021.

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