According to The Block report on December 10, Swiss fintech company Amun AG, which has listed cryptocurrency ETP on multiple stock exchanges in Switzerland and Germany, has once again received a new regulatory approval to expand its presence in the European Union (EU) Business.
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Amun announced on Tuesday that the Swedish Financial Supervisory Authority (SFSA) has approved its basic prospectus, which will provide cryptocurrency-related investment products in EU countries.
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Amun currently offers 9 cryptocurrency ETP products, including Bitcoin-based, Ethereum-based and Ripple-based ETP. The Swiss and German exchanges SIX SWISS Exchange, BX Swiss and Boerse Stuttgart currently offer the company's cryptocurrency products.
ETP is a passive investment product that allows investors to access cryptocurrencies without directly holding them. With the approval of the Swedish Financial Supervisory Authority, Amun has been authorized to provide these investment products in Sweden and the European Union.
Amun's co-founder and CEO Hany Rashwan told The Block:
We plan to distribute our Swedish EU-approved prospectus in all European countries to provide all ETP products.
When it comes to why the Swedish regulator was chosen to get approval for its underlying prospectus, Rashwan said that Amun contacted some European regulators, but chose the Swedish Financial Services Authority because it was a “visionary regulator” At the same time, Sweden has a "large number of people supporting cryptocurrencies".
We will continue to engage with more regulators in Europe and intend to start a dialogue with them in the near future. In the future, the future of regulated cryptocurrencies in Europe will be very bright.
Amun's president Ophelia Snyder said that the approval of the Swedish Financial Supervisory Authority requires a four-month consultation period and that Swedish retail and institutional investors' demand for cryptocurrency ETP is currently "strong."
Expansion to other EU countries
Amun has not announced which exchanges in the EU countries its ETP will be listed on. Rashwan told The Block that the company hopes the products will be "listed on three European exchanges by the end of 2020."
Amun manages nearly $ 55 million in current assets and is expected to raise another $ 20 million in the European Union.
Amun's goal is to go global. Previously, Amun had the support of Australian billionaire Graham Tuckwell. Tuckwell led Amun's $ 4 million seed round in March. Rashwan told Block that the company currently has no plans to raise more funds in the near future.
Cryptocurrency related investment products
More and more companies, including the traditional financial and cryptocurrency sectors, are building and offering cryptocurrency-related investment products.
Last week, WisdomTree, headquartered in New York and with more than $ 60 billion in customer assets, launched a physically backed Bitcoin ETP. The U.S. Securities and Exchange Commission (SEC) has approved a new Bitcoin futures fund that is managed by Stone Ridge, a $ 15 billion asset management company. The fund will invest in cash-settled Bitcoin futures rather than investing directly in cryptocurrencies.
Canadian asset management company 3iQ recently submitted a prospectus for a Bitcoin-related regulatory fund. The company may be listed on the Toronto Stock Exchange and will begin trading before the end of this year.
Other companies offering cryptocurrency investment products include CoinShares' XBT provider and Digital Currency Group's Grayscale. The latter increased inflows by nearly 200% in the third quarter of this year to $ 254.9 million.