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Swiss crypto-financial firm acquires approval from Swedish regulators to offer ETPs across EU

Swiss crypto financial firm Amun has managed to acquire the approval of Swedish regulators to see its ETP to retail investors across the EU, giving it a solid foothold in the region.

Image: Unsplash

Wed, 11 Dec 2019, 03:07 am UTC

Amun, a Swiss crypto-financial startup, has successfully acquired the green light from the Swedish Financial Supervisory Authority (SFSA) for its proposed base prospectus. With this approval, Amun will be able to offer its crypto-based exchange-traded products to retail investors across the European Union (EU).

The announcement was made via a press release published on Tuesday, Dec. 10. In it, Amun highlighted the company’s desire to provide a quick and secure way for investors to join the crypto ecosystem.

“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 4 months of its consultancy period” said Amun’s President Ms. Ophelia Snyder.

More plans to expand

Retail investors interested in diving in can now trade various ETPs on the Swiss Stock Exchange (SIX) and Germany’s Boerse Stuttgart exchanges. The press release also revealed the company’s plan in extending its product to other regulated exchanges across the EU in a bid to widen its client reach.

Amun CEO Hany Rashwan told CoinDesk that they’re eyeing three more exchanges where they plan to list their product and they’re expecting the EU’s approval next year. Rashwan did say, however, that product listings will be approved individually by the yet-to-be-named exchanges.

“We recognize that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation,” Snyder said. “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.”

Crypto regulation still taking place

Territories across Europe have been hard at work in putting up a solid regulatory framework for the crypto industry. Late last month, Swiss regulators said that they’ll be revising the existing laws that govern the crypto and financial market.

Although authorities recognize that the current legal framework is already “sound,” they also identified weakness in it that needs to be shored up. Proposals have already been submitted and parliament will be reviewing them in 2020.

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