Amun AG, a Swiss fintech firm, on Tuesday announced that it has received a green light from the Swedish Financial Supervisory Authority (SFSA) to expand into the European Union (EU).
The company primarily provides exchange-traded products (ETP) backed by single or basket of cryptocurrencies. Currently, it lists ten of its products on SIX, a Swiss stock exchange, and seven products on the Boerse Stuttgart. Among its products include ETPs backed by Bitcoin, Ethereum, Binance Coin, and Tezos, among others.
Entrance to the EU
Though Amun received approval from the Swedish regulator, according to the European laws, it can now conduct its business in any country under the EU list.
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“[The approval] gives us wide access to sell directly and market directly to basically all retail in Europe,” Hany Rashwan, CEO of Amun, told Coindesk.
The company, however, has to approach each exchange in the EU individually with its product to attempt listing. Though it did not reveal any potential exchange to see the listing of crypto ETPs, the CEO revealed that the company is eying the three largest exchanges in the Union countries and will make a move next year.
ETP is a publicly listed investment product that can be traded like any other stock. However, the companies managing them are legally obliged to back the products on a one-to-one basis by reserves of the underlying assets. Amun has partnered with Coinbase Custody to store all the digital assets backing its crypto products.
“Our mission is clear and that is to help investors more safely, cost effectively and easily invest in crypto asset classes through our crypto ETPs,” Ophelia Snyder, president at Amun, stated. “We are very fortunate to have finished this process within 4 months of its consultancy period.”