Amun Gets Regulatory Approval to Offer Crypto ETPs to Retail Investors in EU

Switzerland-based fintech firm Amun AG has received regulatory approval to offer its cryptocurrency exchange-traded products (ETPs) in the European Union.

Currently, Amun offers nine cryptocurrency ETPs, including some base on bitcoin (BTC), ether (ETH), XRP, and more, in Switzerland and Germany via the Boerse Stuttgart, BX Swiss, and the SIX stock exchange. Now, the Swedish Financial Supervisory Authority (SFSA) approved its base prospectus to offer investment products tied to cryptocurrencies.

Exchange-traded products are a type of securities that track the price of an underlying asset, index, or another financial instrument. Amun’s cryptocurrency ETPs let investors gain exposure to various top cryptos without having to custody them and manage private keys.

The SFSA’s approval means the fintech firm can offer them not only in Sweden but also across the European Union. It isn’t currently clear on which exchanges in the EU the ETPs will be listed on.

Amun’s president, Ophelia Snyder, said the process took four months of consultancy period, and added:

The combination of strong demand for ETPs in Sweden – especially in crypto assets – among private investors and institutional clients and our strong expertise in these product categories create ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs

Amun’s press release notes the approval of the base prospectus shouldn’t be seen as an endorsement by the SFSA of the securities being offered, and that potential investors should dig into the prospectus before making decisions.

As CryptoGlobe report, thanks to Amun Switzerland’s SIX stock exchange listed the Amun Tezos ETP, which rewards investors with generated income thanks to the cryptocurrency’s Proof-of-Stake (PoS) consensus algorithm.

Featured image via Pixabay