The Swiss may have a reputation for being financially conservative, but that hasn’t presented SIX Group, the principal stock exchange’s parent firm, from saying it is open to the concept of cryptocurrency trades.
SIX is currently busy developing its digital trading platform which is expected to be ready for launch in the middle of 2019. The announcement was made on the 15th of July during a press conference with the Swissinfo news provider.
The SIX Group says that this platform will be fully regulated and will offer a complete suite of trading options. This may include Initial Coin Offering (ICO) consultancy services when the ICOs are not categorized as securities.
Need Identified – Final Decision Yet to be Reached
A spokesperson for SIX Group said that his company felt that there was a genuine need for a service that would allow for transparent, accountable transactions using cryptocurrencies. He added that such a platform would be beneficial to both cryptocurrency investors and those who participate in more traditional market models.
He said that the concept had generated a great deal of interest among financial service providers, investors, and other players with an interest in digital asset trading. However, the concept has not, as yet, been finalized. The SIX Group will still reach a decision on which products it will use in its listings and offer for trading. The inclusion of cryptocurrencies is a decision that is yet to be finalized.
He emphasizes that the SIX Group will work in accordance with a “due diligence process,” when assessing the potential of digital assets for inclusion. The spokesman said that SIX Group hopes to bridge the gap between digital communities and more traditional forms of financial service provision.
The legal framework under which the platform would operate is being given priority with consultations taking place between the company and regulatory authorities.
It is particularly appropriate that this move is being made in Switzerland since it has only been outperformed by the US in terms of funds realized from ICOs.