FINMA approval gives SIX the green light to launch its crypto trading exchange platform.
SIX, Switzerland’s largest exchange platform and one of the top three in Europe, has been granted long-awaited permission to offer market services for digital assets, the company said in a press release.
The approval of the Swiss financial markets authority (FINMA) allows the launch of a new platform called “SIX Digital Exchange” (SDX). This infrastructure is intended to offer a fully regulated digital asset exchange platform.
The license also means that SIX can now commission the purpose-built cryptocurrency guard product, all available with the exchange’s highest security standards. The products will also take into account the strict regulatory requirements set by FINMA.
“With these licenses, SDX can now offer the highest Swiss standards for supervision and regulation “, said SIX in the statement.
According to Thomas Zeeb, the company’s global head of exchange platforms, the licenses allow SIX to continue the “digitalization of financial markets “, even as this space continues to experience massive growth in all areas.
According to him, this authorization constitutes “an important step “, institutional investors able to access digital assets in a secure and robust environment.
SIX obtained permission to create its digital exchange (SDX) almost three years after submitting an application to FINMA. The platform was pushed to consider building a cryptocurrency trading platform alongside other cryptocurrency-related products in 2018, the year after Bitcoin soared to nearly $ 20,000 as the cryptocurrency industry experienced its first major bull market.
Having missed the previously scheduled launch date in 2019, the Swiss stock exchange now expects SDX to be ready by moving to the next phase of its development, the statement added.
In August, SIX reported that the technical development of the digital exchange platform was complete. At the same time, the team was working on testing and scaling up for deployment once regulatory approval was obtained.