Bitcoin, Blockchain & Cryptocurrency News

Swiss Cryptocurrency Firm bags License to Offer E.U. Residents Bitcoin ETPs

Amun AG, a Switzerland-based technology firm listed on SIX Swiss Exchange, has secured a license from the Swedish Financial Supervisory Authority (SFSA). The license enables Amun AG to offer its bitcoin (BTC) and altcoins-powered exchange-traded products (ETPs) to investors in the European Union (EU), according to reports on December 10, 2019.

Exposure to Bitcoin ETPs

As part of its mission to offer its customers a safe, highly secure and regulated platform to invest in bitcoin (BTC) and other distributed ledger technology (DLT) based virtual currencies, Amun AG has succeeded in getting a go-ahead from Sweden’s financial watchdog and it now can service investors in all E.U member states.

Per sources close to the development, Amun has revealed that the Swedish Financial Supervisory Authority (SFSA) has approved its base prospectus and as such, retail investors in the E.U., who have access to Switzerland’s SIX Stock Exchange and Germany’s Boerse Stuttgart, will now be able to trade its crypto-based exchange-traded products (ETPs).

Commenting on the development, Hany Rashwan, CEO of Amun reiterated that the SFSA’s approval gives the firm an opportunity to take advantage of the existing E.U. securities legislation which makes it possible for an entity to operate across the entire E.U using a license obtained from a member state.

He said:

“The SFSA licensure gives us wide access to sell directly and transact directly to all retail investors in Europe.”

Amun Eyes ETP Listing on More Exchanges

At present, Amun’s crypto exchange-traded products, which it says derives its value from the top five cryptoassets by market cap, is only listed on Boerse Stuttgart and SIX Stock Exchange.

However, with its new regulatory status, Amun has made it clear that its next focus is to get the approval of the E.U. authorities to enable it to apply for a listing on other regulated exchanges in the region by 2020.

As reported by BTCManager earlier in March 2019, Amun raised $4 million from several investors including Adam Draper, founder of Boost VC, Graham Tuckwell, founder of ETFS Capital and a host of others.

In October 2019, Amun joined forces with Binance crypto exchange to launch an ETP based on Binance Coin (BNB).

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