Coinspeaker
Swiss Startup Amun Gets Green Signal from Regulators to Offer ETP Products to EU Retailers

Switzerland-based fintech startup Amun AG is all set to offer cryptocurrency exchange-traded products (ETPs) to retail investors in the EU after it receives a regulatory nod from the Swedish Financial Supervisory Authority (SFSA).

Amun made the announcement on Tuesday, December 10, after SFSA cleared a base prospectus filed by the startup. The announcement says that retail investors who have access to Germany’s Boerse Stuttgart and Swiss SIX exchanges will be eligible to trade Amun’s ETP products.

In its list of ETP product offerings, Amun has a total of nine such products. this includes a Bitcoin-based ETP, an Ethereum-based ETP, and even an XRP-based ETP. Here’s some brief idea about what ETPs are actually. These are passive investment instruments that allow you to invest in any particular assets without holding them directly.

Now with SFSA approval Amun can offer crypto-ETPs in Sweden and in the rest of the EU. Although the ETP products will be currently available only on two exchanges, Amun plans to expand the market access by offering these products on other exchanges in the EU during early 2020.

Speaking to The Block, Hany Rashwan, co-founder and CEO of Amun explained the reason for choosing Sweden as the base prospectus. The CEO said that his company reached out to several European regulators but selected SFSA since Sweden has got a highly “crypto-engaged” population and the SFSA is a “forward-thinking regulator”. Rashwan further added:

“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”.

Amun President Ophelia Snyder said that the approval from SFSA came after four straight months of negotiations and they saw a strong demand for ETP products both among retail and institutional investors. Speaking to CoinDesk, Snyder said:

“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. We are very fortunate to have finished this process within 4 months of its consultancy period.”

Currently, Amun manages $55 million worth of assets under management. With its upcoming efforts, it plans to add an additional $20 million to its kitty.

Swiss Startup Amun Gets Green Signal from Regulators to Offer ETP Products to EU Retailers

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