Amun, a fintech asset management firm based in Switzerland which was offering its crypto Exchange Traded Product (ETP) in Germany and Switzerland has got the approval from Swedish Financial Supervisory Authority (SFSA), to offer its product in European Union and Sweden. ETPs are a passive form of crypto investment where the users do not need to directly hold crypto.
The announcement was made on Tuesday that Amun's base prospectus to offer crypto tied investment products has been accepted by the SFSA. Amun currently offers 9 cryptocurrency ETP products which include Bitcoin ETP, Ethereum ETP, and XRP ETP. These ETPs are made available to the public via SIX Swiss Exchange, BX Swiss and Boerse Stuttgart.
Hany Rashwan, co-founder and CEO of Amun was quite elated with the approval and applauded the forward looking stance claiming it would help Europe to become a leader in crypto space. He said,
“We plan on passporting our Swedish EU approved prospectus around the continent. We continue to engage with a number of regulators across the continent and intend to speak to more in the near future. The future of regulated crypto in Europe is quite bright.”
Ophelia Snyder, President of Amun explained that even though it took them 4 months to get the regulatory approval from SFSA, they were quite confident of the approval since there is a huge demand for ETPs in Sweden among retail and institutional investors.
The growing demand for ETPs
The Amun's president did not reveal which Exchange these ETPs will be listed on but confirmed that at least three European exchanges are in talks with Amun and the firm will launch the ETPs by 2020.
The firm currently has $55 million worth of digital assets under its management and hoping to add another $20 million with the EU expansion. The firm is not looking to raise any more funds and will only look to expand its team of 18 from next year.
The president is aiming for world domination and dream of global expansion. He said, “We’re on one continent; five more to go.”
There has been a significant growth in demand for crypto based investment products and many mainstream firms are trying up with blockchain and crypto service providers to launch ETPs.
WisdomTree with over $60 billion in client assets under its management launched a physically backed Bitcoin ETP. Similarly Canadian asset management firm 3iQ filed a prospectus to launch a Bitcoin tied regulated fund planned to be listed on Toronto Stock Exchange.