Switzerland’s SIX Group to build crypto-capable trading platform
The parent company of Switzerland’s stock exchange operator has said it will consider trading cryptocurrencies on its new electronic trading platform.
SIX Group, which is scheduled to launch its new fully-regulated asset trading platform in mid-2019, said it was considering offering a range of digital asset services, including trading crypto-to-fiat and initial coin offering (ICO) consultancy services.
Stephan Meier, group spokesman for SIX Group, told Sissinfo.ch in an interview that the new electronic trading platform would provide a safe environment for issuing and trading digital assets and enable to tokenisation of existing securities and non-bankable assets.
He added a caveat, however, after saying the company’s main focus remained on building the platform.
“So, it is also still open whether cryptocurrencies or already existing ICO tokens can be traded. But we will technically be able to add various digital assets to the platform.”
Many questions still open
He added that it was also still open as to whether cryptocurrencies would be traded and how a conversion into fiat currency would be facilitated.
While it also remained unclear whether the platform would accommodate ICOs, Meier stressed the company had the expertise and capability to offer such services.
He said: “The aim is to utilise SIX’s existing capabilities around IPO consultancy services and build a stronger value proposition around guiding companies who are looking to raise capital by using an ICO.
“The service offering will capture the complete value chain from ICO advisory, to listing and trading services.”
Legal and regulatory framework
When asked if there would be a need to update Swiss law to allow for the trade of digital assets, Meier said SIX was in close consultation with legislators and regulators and would examine if current frameworks would be sufficient.
He added: “Importantly, each new digital asset will go through a due diligence process which will help to decide if it will be part of our offering on the exchange or not.”
In summing up what SIX hoped to achieve with its new digital platform, Meier said SIX wanted to build a bridge between traditional financial services and digital communities.
“Ultimately, we want to make the essential functions of a regulated exchange accessible to them and provide a secure framework for financing entrepreneurial projects and investment decisions.”