Sweden’s Financial Authority Approves Swiss Crypto ETP Provider Amun
On December 10, Switzerland-based firm Amun AG announced the company’s base prospectus has been approved by the Swedish Financial Supervisory Authority (SFSA). The ETP provider said it has extensive plans to expand its digital asset ETPs throughout Europe, while Sweden shows “strong demand” for these products.
Also read: Wisdomtree’s Physically Backed Bitcoin ETP Goes Live on SIX Stock Exchange
The digital currency-based ETP provider Amun AG gained headway in Sweden this week when the Swedish Financial Supervisory Authority (SFSA) approved its base prospectus. A base prospectus essentially describes an offering so a firm can file for registration similarly to traditional security-based ETPs currently traded on the regulated market. Amun said in a press statement after the SFSA approval, the company is pleased to confirm its plans for expanding its digital currency-based ETPs. Amun already provides exchange-traded products (ETP) that track digital currencies and a variety of Amun’s crypto ETPs are traded on Swiss Bourse.
“Our mission is clear and that is to help investors more safely, cost-effectively and easily invest in crypto asset classes through our crypto ETPs. We are very fortunate to have finished this process within four months of its consultancy period” Amun’s President Ms. Ophelia Snyder remarked during the announcement. Snyder added:
We recognise that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation.
Right now Amun manages a slew of crypto ETPs that are traded on Switzerland’s principal stock exchange SIX. Amun recently partnered with Bitcoin Suisse in October to offer the Amun Bitcoin Suisse ETP (ticker: ABBA) a fund that tracks prices for both ETH and BTC. Then Amun also offers the ‘HODL’ ETP which consists of a basket of five different digital currencies.
It also offers an ETP for the Bitwise Select 10, Amun’s Sygnum Platform Winners Index, and six single tracker ETPs that use ETH, BNB, XRP, BCH, XTZ, and BTC. However, Amun’s SFSA approval announcement does not disclose what ETPs the firm will list or which exchanges it will use in Europe. Amun is working with regulators across the EU and the firm says there’s a lot of demand in Sweden for crypto-based investment vehicles.
“The combination of strong demand for ETPs in Sweden – especially in crypto assets – among private investors and institutional clients and our strong expertise in these product categories create ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs,” Snyder further stated.
Amun’s Swedish EU approved prospectus will help the firm gain a foothold in Europe. The SFSA’s approval shows that investment funds tethered to digital assets continue to enter the world of mainstream finance. During the first week of December, Amun’s cash-settled ETP’s got some competition on the Swiss exchange SIX when the New York-based Wisdom Tree listed its physically-settled bitcoin ETP.
What do you think about Amun getting regulatory approval from the Swedish Financial Supervisory Authority (SFSA)? Let us know what you think about this subject in the comments section below.
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Image credits: Shutterstock, Amun AG, Pixabay, Finansinspektionen, Wiki Commons, and Fair Use.
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