SIX Swiss Exchange, Switzerland’s principal stock exchange, has announced plans to build a cryptocurrency platform for the trading, settlements and custody of digital assets.
The new platform will be called the Swiss Digital Exchange (SDX) and will be regulated by the Swiss Financial Market Supervisory Authority (FINMA), the same authority that regulates SIX.
The SDX will be the first exchange in the world to offer fully integrated end-to-end financial and trading services to the digital market. It will also aim to put previously untradeable assets on the market via the tokenization of securities and non-bankable assets.
In a tweet by SIX, it is stated that the new digital platform will first enable stocks and bond tokenization before looking into cryptocurrencies and existing ICO’s.
CEO of SIX, Jos Dijsselhof, believes the platform will beckon a new era for capital markets and said it is “clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”
The SIX Swiss Exchange website has been featuring a Crypto Market Index 10 since December 2016, which measures the performance of the largest crypto assets and tokens based on data from multiple exchanges.
Zug, an area of Switzerland, has become known as “crypto valley” due to the large number of blockchain startups that have sprung up there. Switzerland’s low tax and lack of strict regulations have no doubt been a draw for many new companies. However, a sudden increase in ICO’s prompted FINMA to publish new guidelines regarding cryptocurrency in February this year.
Image From Shutterstock