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Switzerland-based Crypto Fund AG acquires distribution license

Crypto Fund AG said it has acquired a license from the Swiss Financial Market Supervisory Authority, or FINMA, to distribute collective investment schemes and funds to qualified investors.

However, this does not allow the company to operate as an asset manager for cryptocurrency funds, Reuters reported June 18.

"Getting the FINMA license is a big step in the right direction, to establish us as the first point of contact for crypto assets," CEO Jan Brzezek said in a statement.

According to the company's website, it intends to create an index-based passive crypto fund, once it has the appropriate regulatory approvals, which will allow investors to access to the 10 largest crypto assets as calculated and maintained by the Swiss bourse, SIX.

Crypto Fund AG is part of Crypto Finance AG.