The Switzerland financial authority has today approved SIX Swiss Exchange for the launch of a digital asset marketplace utilising DLT.
On Friday, the Swiss Financial Market Supervisory Authority, or FINMA, approved SIX, a licensed Swiss exchange, to start a distributed ledger-based digital asset marketplace and central securities repository.
Despite its initial plans to launch in the second half of 2019, the Six exchange has been stymied by regulatory obstacles.
Although no precise launch date was announced on Friday, it is believed that users will be able to test the exchange’s offerings in the near future after this difficulty is resolved.
Following increased demand for the asset in the region, 21 Shares introduced the world’s first Polkadot exchange-traded product, or ETP, on the SIX exchange in February.
Switzerland, often known as the crypto valley, is largely recognized as one of the most welcoming jurisdictions for cryptocurrency activities in the world.
In June, the country purposefully chose not to change its tax regulations, stating that the current infrastructure will be sufficient to support the expansion of blockchain and DTL technology.
According to recent statistics from Tax Justice Network, Switzerland, along with the United Arab Emirates and Bermuda, has recently emerged as one of the world’s fastest-emerging settings for safe-haven cash.
Thomas Zeeb, SIX’s global head of exchanges, expressed his thoughts on the approval:
“The digitalization of financial markets continues apace, and while the final shape of the market is still evolving, this is an important milestone in providing institutional investors with a safe and robust infrastructure.”
SIX announced a willingness to diversify its offerings following the retail debut to meet the needs of banks, issuers, insurance firms, and institutional investors across their global network.
The exchange has proposed combining traditional equities, exchange-traded funds, and tokenized commodities such as expensive vehicles and acclaimed works of art, in addition to bitcoin assets.
