Cryptocurrency News

Approval Received by SIX to Launch Marketplace for Cryptocurrencies

As per the latest reports, a promising announcement has been made by SIX for its users. SIX is one of the major cryptocurrency exchanges in Switzerland. The exchange has recently announced that it is going to add more products to its portfolio for users to benefit from.

The exchange has reportedly received approval from one of the major regulatory authorities from Switzerland to expand its services. The regulatory authority that has given SIX the approval is the Financial Market Supervisor Authority (FINMA) of Switzerland.

SIX is a regulated cryptocurrency exchange in Switzerland and with approval from the FINMA, it will be able to launch its marketplace for digital assets. The firm has reported that it will also be able to offer services related to central securities depositories.

The Swiss exchange has revealed that the new services it is aiming to provide would be developed through a technology known as a distributed ledger. SIX made the announcement in regards to the approval from FINMA and the launch of new services on Friday, September 10, 2021.

Initially, the exchange had intended to launch the central securities depository back in 2019. However, the pandemic delayed the process and it took FINMA this long to consider and approve the request submitted by the exchange.

In addition to the pandemic, the exchange also faced many obstacles from the regulatory side. This also hindered the process for SIX and the approval process was delayed for the exchange.

So far, the exchange has made no official announcement or confirmed any data for the launch of the services the exchange aims to launch. The exchange executives are very confident that the approval is going to prove very beneficial for the exchange.

With the approval from FINMA, the exchange will be able to add more offerings for the users. Eventually, the exchange wants the users and investors to benefit from the services it is aiming to launch in near future.

The exchange has also announced that it is going to launch its exchange-traded fund (ETP) in near future. It was back in February of 2021 when the first-ever exchange-traded fund product was launched on the Polkadot protocol. The first ETF through the Polkadot protocol was reportedly launched by 21 Shares.

The exchange has revealed that the reason why it wanted to get approval for cryptocurrency offerings was due to high demand from the users’ end. It was due to this demand that the exchange decided to proceed with requesting approval for the cryptocurrency offerings in the country.

Switzerland is currently ranked as one of the top countries when it comes to the adoption of cryptocurrencies. At present, Switzerland is counted among countries such as Bermuda and the United Arab Emirates that have provided a friendly environment for cryptocurrencies to thrive in.

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