This post is also available in: Español
Crypto Fund Mulls Asian Expansion
Dr. Tobias Reichmuth, Jan Brzezek, and Marc P. Bernegger of Crypto Fund AG
(Source: Startup Sticker)
Emerging Swiss virtual currency fund, Crypto Fund AG, became the country’s first licensed cryptocurrency asset management company on October 9, 2018, making it a landmark move that illustrates how digital assets are breaking through to traditional finance. Now, the Zug-based subsidiary of Crypto Finance AG is reportedly looking into expanding into Asia.
According to the report, Crypto Fund’s CEO Jan Brzezek said that the next natural expansion step for the company would be Singapore. The firm gauges interest for crypto investments as very high, and has also registered a willingness by Singaporean regulators to oversee the business, Brzezek added.
“This makes the market very similar to the Swiss one, which we know well,” Brzezek, a former UBS banker, told finews.asia. The fund’s parent company, Crypto Finance, also plans on setting up a booth at Singapore’s annual fintech festival that takes place in November, the report said.
However, Crypto Fund failed to provide any additional details on when and how the company plans on moving to Asia. “The step into Singapore is a mid-term goal,” Brzezek said, adding that the company plans on holding talks with partners in order to evaluate a strategy on how exactly to expand there.
The Company a Clear Example of a Rise in Institutional Interest in Crypto
Switzerland has been one of the few countries that have taken a progressive stance towards cryptocurrencies, effectively legalizing its use and formalizing crypto transactions in various context across the market.
However, despite the overall positive atmosphere, many crypto startups are still finding it hard to open bank accounts, with much of the country’s regulation remaining vague and unclear. This has prompted some of the country’s 400 crypto startups to relocate to crypto-affirming rivals such as Liechtenstein, Gibraltar and the Cayman Islands.
In response to increased criticism, the country’s financial regulators got to work with lawmakers to provide more clarity on the policing of the ICO market.
On October 9, Crypto Fund AG had been given an asset management license by the Financial Market Supervisory Authority (FINMA). The new license will permit the company to legally offer a wide spectrum of collective investment products that track Bitcoin (BTC) and other crypto assets, including domestic funds.
The license is a clear example of an increase in institutional interest in the crypto industry, and the latest high-profile effort to build seamless synergies in the area.