The Financial Times reports that the Swiss stock exchange SIX is looking into the launch of a Bitcoin and cryptocurrency exchange within the country. They want to be able to compete against exchanges such as Binance, OKX, and Coinbase.
SIX Group Plans New Bitcoin Trading Venue
Bjørn Sibbern, Global Head of Exchanges at SIX Group, highlighted the potential for creating a platform to facilitate trading in spot cryptocurrencies and derivatives, noting that crypto has become a globally recognized asset class.
As per the reportTo attract big institutional investors, it will leverage both its reputation and Switzerland’s progressive regulatory framework regarding digital assets.
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Traditional methods of brewing beer are still popular despite the increasing interest. financial Some firms are hesitant to open up. crypto trading platforms Due to fears about the regulatory uncertainty and potential reputational risk. Despite the fact that some of the world’s largest firms have already launched crypto exchanges (such as Deutsche Boerse and Nomura), others are still cautious.
CBOE Global Markets closed recently its spot cryptocurrency venue citing insufficient regulation guidance. CME Group also considered Bitcoin trading earlier in the year, but it now says that there are no plans to do so.
Switzerland’s Crypto-Friendly environment
Sibbern believes that the recent approval for spot Bitcoin and Ethereum is a good thing. exchange-traded funds Retail and institutional investors have renewed their interest in (ETFs), which were approved by the US Securities and Exchange Commission.
Although the Bitcoin price has seen considerable volatility over the past two months – from a high of around $72,000 earlier this year to a current trading price of $59,800 – it is still up 40% year-to-date, underscoring the asset’s appeal to investors and confidence in its continued appreciation despite medium-term challenges.
In the report, it is also noted that Switzerland is one of Europe’s leading economies. “crypto-friendly jurisdictions,” Its comprehensive legislation governing trading and custody digital assets.
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Sibbern stated that SIX has been actively exploring new ways of expanding its services in Europe. The cryptocurrency market is one major factor. He stressed that new cryptocurrency trading is not a good idea. trading venue Retail traders would not be catered to, but only institutional investors such as asset management firms. Sibbern also told the outlet:
As part of our expansion in Europe, we also look at [whether] Crypto should be included. More and more banks and financial institutions around the world are looking into crypto.
SIX has also created a platform for crypto derivatives named AsiaNext as part of a joint-venture with Japan’s SBI Group. Sibbern stated that they were evaluating the possibility of replicating this model in Europe.
Swiss Exchange, which is owned and operated by 120 banks in Switzerland, has a digital trading platform that began listing digital bonds as early as 2018. This shows their commitment to the integration of digital assets within its business.
Chart from TradingView.com, image by DALL-E
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Source: www.newsbtc.com