Legal Area: Cryptocurrency Exchange Traded Product issuer reports approval of its base prospectus by a supervisory authority for the first time within EU.

Key-words: Fintech - crypto exchange - traded products

The board of directors of fin-tech firm Amun AG, which currently offers crypto exchange-traded products (ETPs) in Switzerland and Germany, has announced that the Swedish Financial Supervisory Authority (SFSA), or the Finansinspektionen, has approved its base prospectus.

This new stage in the Swiss start-up’s development - the first issuer to offer collateralised exchange traded securities linked to Underlyings or a basket of Underlyings providing exposure to a range of Crypto Assets - is a fundamental part of its strategy to extend the distribution of a range of Exchange Traded Products (ETPs) in the European Union. ETPs are passive investment products that allow investors to gain access to crypto-currencies without the need to hold them directly.

As reported in the Base Prospectus,  “the SFSA only approves it as meeting the standards of completeness, comprehensibility and consistency imposed by Regulation (EU) 2017/1129. Such approval should neither be considered as an endorsement of the issuer that is the subject of this Base Prospectus, nor as an endorsement of the quality of the securities that are the subject of this Base Prospectus. Investors should make their own assessment as to the suitability of investing in the securities.”

The Base Prospectus “permits for an offer of Products to the public in Sweden and/or an admission to trading of securities on a regulated market in Sweden. The Issuer may request the SFSA to notify the approval of the Base Prospectus to the other EEA Member States in accordance with the Prospectus Regulation for the purposes of making a public offer in the such Member States or for admission to trading of all or any Series of Products on a regulated market therein, or both.”

"Our mission is clear - to help investors invest more safely, cheaply and easily in crypto-asset classes through our products.  We are very fortunate to have completed this process in such a short time, "said Amun’s President Ophelia Snyder. “We recognise that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation” in the press release.

She added that ETPs remain sought after throughout the 28-member bloc:  “The combination of strong demand for ETPs in Sweden – especially in crypto assets – among private investors and institutional clients and our strong expertise in these product categories create ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs.”

Going forward, the company said it plans to only increase the number of ETPs on offer, stating that it is “committed to maintaining the highest standards of professionalism and looks forward to continuing a productive and collaborative relationship with new and existing partners in Sweden and the rest of the European Union.” 

Recently, Amun has been playing a leading role in the expansion of Swiss crypto offerings, both domestically and overseas:  e.g., last month SIX started listing a “Tezos-based ETP with staking rewards”, the staking feature allowing users to “stake” (deposit) their funds to help maintain the Tezos network, whilst last week, a “physically-backed Bitcoin ETP” was launched for institutional investors.

Actually, an increasing number of firms are building and offering investment products tied to cryptocurrencies, such as New York-headquartered WisdomTree (with Assets Under Management for over 60 billion Usd), which some weeks ago started launching a “physically-backed bitcoin ETP” too.


Source: GlobeNewswire Press Releases - Latest news releases from the newsroom.



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