The FINMA approval gives SIX the go-ahead to launch its crypto trading exchange
SIX, the largest stock exchange in Switzerland and one of the top three in Europe, has been granted a long-awaited regulatory nod to offer market services for digital assets, the firm said in a press release.
The approval by Switzerland’s financial market authority (FINMA) allows for the unveiling of a new platform dubbed the ‘SIX Digital Exchange’ (SDX). The infrastructure is set to offer a fully regulated digital asset trading exchange.
The licence also means that SIX can now go live with the purpose-built crypto custody product, all available with the exchange’s highest security standards. The products will also take into account the stringent regulatory requirements set by FINMA.
“With these licenses, SDX can now offer the highest Swiss standards of oversight and regulation,” SIX said in the statement.
According to Thomas Zeeb, the firm’s Global Head of exchanges, the licences allow SIX to continue the “digitalization of financial markets” even as the space continues to experience massive growth across the board.
He said the approval offers “an important milestone”, with institutional investors able to access digital asset products in a secure, robust environment.
SIX is getting the nod for its Digital Exchange (SDX) after almost three years since it made an application to FINMA. The exchange was driven to consider building a crypto trading platform alongside other crypto-related products in 2018, the year after Bitcoin soared close to $20,000 as the crypto sector witnessed its first major bull market.
Having missed the earlier planned launch date in 2019, the Swiss stock exchange now plans to have SDX ready by moving to the next phase of its development, the statement added.
In August, SIX reported that the technical development on the digital exchange was complete. At the same time, the team was working on testing and scaling in readiness for a rollout once regulatory approval was secured.