We recently reported a massive achievement in the crypto space. The world’s first crypto ETP will start trading this week on SIX Swiss Exchange. This is Europe’s fourth-biggest exchange and has a market cap of $1.6 trillion.
Amun AG crypto startup just received the green light to list an index fund on a traditional stock exchange with Hany Rashwan, co-founder and chief executive of Amun and said the following:
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
BTC ETF’s chances of approval, boosted by Switzerland’s crypto ETP?
CCN’s recent article discusses whether this approval of Switzerland’s crypto ETP can increase Bitcoin ETF’s chances of approval and their answer is that it can not, as reported by Oracle Times.
They explain that the Amun ETP concept is quite similar to an exchange-traded fund (ETF) as it allows institutional investors and retail traders who are accredited to invest in crypto without having to involve third-party custodians and deal with regulatory issues.
The approval of a crypto ETP by Switzerland’s most important stock exchange is a massive step[ further for the cryptosphere, but the US market already has an ETP.
This ETP is in “the form of Grayscale Investment’s Bitcoin Investment Trust, and investors in the local market can purchase investment vehicles that represent the value of BTC,” CCN says.
The SEC rejected more BTC ETF proposals
The SEC has already rejected more Bitcoin ETF proposals and said that the crypto exchange market is not mature enough to handle an ETF.
We still don’t know what the SEC will decide but what we do know is that the chances of an approval for BTC ETF are supported by Bakkt’s launch.
SEC’s main issue so far is the fact that according to them the crypto market and the futures market are not sufficient to determine BTC’s real price.