In the eyes of some, Switzerland is the true financial capital of the world. For that reason, its views on the cryptocurrency market have become increasingly important – especially as it’s also one of nations behind the crypto gold rush. Marking a big step in the crypto direction, SIX Group – parent company of Switzerland’s principal stock exchange – has announced that it’s now open to the possibility of expanding its digital trading platform to include cryptocurrencies. The digital platform that SIX Group is referring to is still under development, but it’s scheduled for a mid-2019 launch.
The Need for Transparency Grows
SIX Group as a company holds great power in Switzerland, being that it’s the operator of the nation’s largest stock market. The fully-regulated, digital asset focused trading platform should be up and running by the middle of next year. The new service will offer a complete range of trading options, covering ICOs that aren’t classed as securities. Speaking on the decision to move towards a crypto-accepting platform, Stephan Meier (SIX Group Spokesman) said that there is a “real need [for] transparency and accountability in the crypto-world.” Meier is also of the belief that its introduction benefits both investors and businesses alike. “Not only traditional financial service providers and investors are interested in this, but also numerous companies and investors who want to take advantage of the new digital opportunities for raising capital and trading in digital assets,” he said.
Prioritizing Due Diligence
The news of SIX Group’s decision has been warmly received. However, it’s not known what specific cryptos are going to be available for listing and trading. All we know is that SIX Group will be “open” to cryptocurrency trading. What Meier has been willing to disclose is the measures that SIX Group is taking to screen the cryptos that reach this new platform. He said that while “technically [they would] be able to add various digital assets to the platform,” it would operate a struct and stringent “due diligence process.”
Driving Forward Crypto Adoption
The idea behind this move is that SIX Group wants to be a driving force between the merging of traditional finance and cryptocurrency adoption. “[We] want to build a bridge between the traditional financial services and digital communities,” said Meier. He also spoke on how SIX Group will not walk blindly into this process, as it’s working closely with regulatory authorities regarding “adjustments or additions to the legal framework [that] may be necessary.”
Just this past week, Switzerland was revealed to be one of the most favorable countries for ICOs when it comes to raising funds. This becomes more understandable when you consider the strides that the country is making when it comes to cryptocurrency acceptance – including a Swiss bank now allowing for crypto business accounts.
