As a seasoned investor with roots deeply embedded in the traditional financial landscape, I find the Swiss stock exchange’s foray into crypto trading intriguing. Having navigated through the labyrinth of regulations and market fluctuations, I’ve come to appreciate the value of clear, progressive laws that foster growth and innovation – something Switzerland has consistently demonstrated with its crypto-friendly policies.
The Swiss stock market is contemplating the establishment of a cryptocurrency trading platform in Europe. This move aims to entice conventional investors using Switzerland’s favorable regulations towards cryptocurrencies.
SIX Group, the operator of the Swiss stock exchange, is contemplating launching a crypto trading platform in Europe to compete with prominent players such as Binance, OKX, and Coinbase, according to the Financial Times, quoting Bjørn Sibbern, the global head of exchanges at SIX Group. In simpler terms, SIX Group might soon start a new European crypto exchange to rival well-known platforms like Binance, OKX, and Coinbase.
The firm plans to utilize its established standing and Switzerland’s advanced cryptocurrency laws to draw in institutional investors who are keen on cryptocurrency trading. According to Sibbern, the stock exchange is considering this option as cryptocurrencies have increasingly been acknowledged as a legitimate investment asset class.
At the moment, our organization is considering building a platform designed to assist in various types of trading, including both immediate (spot) cryptocurrencies and derivative contracts. However, no specific details about the launch timeline for this platform have been provided.
SIX’s crypto venue to target institutional investors only
Although numerous conventional financial institutions have been reluctant to dive into the cryptocurrency market because of regulatory ambiguity, businesses like Deutsche Börse, Nomura, and Standard Chartered have proactively established distinct cryptocurrency trading platforms.
Sibbern underscored that the fresh location will cater solely to institutional investors, with more global banks and financial entities starting to delve into cryptocurrency opportunities. By focusing on major investors, the platform aims to leverage Switzerland’s crypto-friendly climate, where regulations for asset trading and custody are transparent and well-defined.
At the end of July, the Swiss Financial Market Supervisory Authority released a directive focusing on the dangers and complexities surrounding stablecoins for both their issuers and banking institutions offering guarantees. Within this guidance, the regulatory body emphasized the importance for stablecoin issuers to confirm the identities of token owners and ultimate beneficiaries in order to minimize these potential risks.
Read More
Sorry. No data so far.
2024-09-18 13:19