Swiss Financial Market Supervisory Authority approves the country's first exchange traded mutual fund to directly invest in Bitcoin

The Swiss Financial Market Supervisory Authority has approved the country's first exchange traded public fund to directly invest in Bitcoin, which falls under the category of alternative investment funds under Swiss law and is marked as having special risks. The Swiss Financial Market Supervisory Authority has exempted Bitcoin from applicable risk diversification rules and required regulatory agencies to take measures to reduce operational and custody risks, while clearly disclosing risks in fund documents. At present, other fund institutions have submitted or announced that they will submit similar applications. The Swiss Financial Market Supervisory Authority approved a cryptocurrency fund for qualified investors in 2021.