Amun AG gets regulatory go-ahead to offer ETPs in EU

Switzerland’s premier Fintech firm, Amun AG, has been in the news lately for issuing several cryptocurrency exchange-traded products, more popularly known as ETPs. Despite the firm offering several cryptocurrency ETPs, these were previously limited to Switzerland and Germany. However, the latest news from the company reveals that it is eyeing expansion.

According to a press release shared by Amun AG, the firm has been given a green signal from regulators to expand into the European Union. The release stated,

“The Board of Directors of the Swiss Issuer, AMUN AG (“Issuer”), is pleased to announce that the Finansinspektionen, the Swedish Financial Supervisory Authority (SFSA) has approved the Base Prospectus filed by AMUN AG.”

The firm currently offers ETPs with cryptocurrencies forming the underlying asset, including Bitcoin, Ether, XRP, Bitcoin Cash, BNB and Tezos, through Switzerland’s SIX exchange, BX Swiss, and Germany’s Boerse Stuttgart. The latest development would help accelerate the firm’s mission to “lead the delivery of professional-grade investment products in the cryptocurrency and blockchain markets.” Speaking to a news portal, CEO of Amun AG, Hany Rashwan, revealed that the firm is looking forward to listing its ETPs on at least three European exchanges by the end of 2020.

The President of Amun AG, Ophelia Snyder, lauded Sweden’s regulatory framework and highlighted the reason behind the expansion. She said,

“We recognise that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation. 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.”

Furthermore, she pointed out that the firm is focused on delivering a safe and cost-effective investment platform to its customers via crypto ETPs. She further revealed that the process was completed within 4 months of its consultancy period.

Rashwan also made it clear that the firm is eyeing global expansion when he added,

“We’re on one continent; five more to go.”