727 FinancePANews October 20 news: The Swiss Financial Market Supervisory Authority (FINMA) has approved the first ETF for retail investors that directly invests in Bitcoin, a move aimed at prioritizing investor protection and enhancing transparency. FINMA stated that, considering that Bitcoin has a longer trading history and higher trading volume compared with other cryptocurrencies, the regulator approved the fund's exemption from certain risk diversification rules, but requires regulated institutions to take measures to reduce operational and asset custody risks, and to clearly disclose in the fund documents the risks of Bitcoin price volatility and potential losses. At the time of sale, the relevant product must also comply with the conduct rules stipulated in the Swiss Financial Services Act (FinSA), including investment suitability and appropriateness assessments. FINMA pointed out that other fund providers have also submitted or announced plans to submit Bitcoin ETF applications.
The Swiss Financial Market Supervisory Authority approves the first Bitcoin ETF.
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