Swiss SIX stock exchange explores setting up crypto arm in Europe
The Swiss stock exchange is considering launching a crypto trading platform in Europe, aiming to attract traditional investors by leveraging Switzerland’s crypto-friendly laws.
The Swiss stock exchange operator, SIX Group, is considering establishing a new platform in Europe for crypto trading, aiming to challenge major players like Binance, OKX, and Coinbase, the Financial Times reports, citing Bjørn Sibbern, global head of exchanges at SIX Group.
The company hopes to leverage its reputation and Switzerland’s progressive crypto regulations to attract institutional investors interested in crypto trading. Sibbern says the stock exchange is mulling over the idea given that crypto has become “more and more a recognized asset class.”
Currently, the company is evaluating the creation of a platform “where we can help facilitate trading, whether it is [spot] crypto or whether it is derivatives,” he added, without elaborating on the timeframe of the platform’s launch.
SIX’s crypto venue to target institutional investors only
While many traditional financial firms have hesitated to enter the crypto space due to regulatory uncertainty, companies such as Deutsche Börse, Nomura, and Standard Chartered have already launched separate crypto trading venues.
Sibbern emphasized that the new venue would be open exclusively to institutional investors, adding that an increasing number of global banks and institutions are now exploring opportunities in crypto. Targeting big investors, the platform would capitalize on Switzerland’s crypto-friendly environment, where clear regulations govern asset trading and custody.
In late July, the Swiss Financial Market Supervisory Authority published a guidance addressing the risks and challenges associated with stablecoins for issuers and banks providing guarantees. In the guidance, the regulator underscored the necessity for stablecoin issuers to verify the identities of token holders and beneficial owners to mitigate these risks.
