Swiss FINTECH startup Amun has received approval from the Swedish financial Supervisory Authority (SFSA) to sell cryptocurrency ETPs to retail investors in the EU.
The EU member state’s regulator approved the basic prospectus submitted by the firm. Thus, retail investors from the EU who have access to the Swiss Stock exchange and the Stuttgart stock exchange will now be able to trade various cryptocurrency-based exchange products (ETP) offered by Amun.
In accordance with the securities legislation, each EU member state has the opportunity to review applications and issue licenses applicable throughout the EU in accordance with the “single passport”rule. The approval of the Swedish financial regulator gives Amun access to the European retail market.
“The approval gives us broad access to direct sales in almost the entire retail market in Europe,” said Amun CEO Hany Rashwan.
The SFSA approval also paves the way for the company’s further plans to apply to list cryptocurrency ETPs on other regulated exchanges in the EU. Rashwan noted that the company plans to enter the three largest exchanges in Europe next year.
So far, Amun has added ten products to the Swiss Stock exchange listing and seven to the Stuttgart stock exchange. At the same time, all products are ETP based on cryptocurrencies, the total cost of which is about $55 million.
“Our mission is clear and is to help investors invest in digital assets more safely, efficiently and easily through our cryptocurrency ETPs,” said Amun President Ophelia Snyder.
Last month, Amun launched an ETP on the Swiss stock exchange on XTZ, and in October, an ETP on BNB was launched on SIX, as well as a listing of ETP on bitcoin and ether. By this time, ETP from Amun AG based on BTC, LTC, BCH, ETH, XRP and two composite products were already presented on the exchange.