SIX Digital Exchange will be the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets. The service will provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable.
Government officials and senior bankers in Switzerland are working together to come up with a proper legislation for crypto companies based in Switzerland to receive access to regular banking services as early as this year. It is a very serious issue as Swiss banks have been refusing accounts to firms from the growing crypto industry. There have been many crypto companies in the crypto valley and they are standing at a crossroad because most of the banks have been refusing to provide banking services to a huge number of startups of crypto companies emerging from the town of Zug, home of Swiss Crypto valley. Some of the Government officials like Heinz Tännler, the finance director of the canton of Zug, is working with Swiss politicians and regulators to break the deadlock and make some policies to remove the obstacles in the coming month and allow crypto companies to operate with banks just like any other business.
We hope to clarify relationships by the end of the year at the latest. Time is pressing – other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.Heinz Tannler
Recently, Switzerland’s main stock exchange has announced to launch a platform for the trading, settlement and custody of digital assets. Right after this announcement, government officials are working on giving crypto businesses access to banking services. SIX, which is the operator of Switzerland’s principal stock exchange, announced on Friday that they are launching a fully integrated trading, settlement and custody infrastructure for digital assets. SIX exchange is fully regulated by Swiss Financial Market Supervisory Authorities and the Swiss National Bank, as a Financial Market Infrastructure operator. The company plans for its new platform, called Swiss Digital Exchange (SDX).
Swiss Digital Exchange (SDX) will be the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets. The service will provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable.
Currency of SDX
According to the official announcement by the SIX does not mention the currency it will be trading in, but according to different publications, it is indicated that it will trade bitcoin and other cryptocurrencies. The exchange will offer an end-to-end trading settlement and custody service for bitcoin and other ICO tokens and it will be based mainly on Blockchain distributed ledger technology. SIX has been maintaining Crypto Market Index 10. Its objective “is to reliably measure the performance of the largest and most liquid crypto assets and tokens and provide an investable benchmark for this asset class,” its website describes. “The prices for the crypto assets and tokens are obtained from multiple exchanges.
This is the beginning of a new era for capital markets infrastructures. For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.Jos Dijsselhof, CEO SIX
Government officials and bankers are working on giving crypto businesses access to banking services since Swiss banks have reportedly been refusing accounts to crypto firms. Traditional financial institutions are increasingly under pressure to offer crypto startups regular services like bank accounts. According to Swissinfo, the bottleneck has become acute since the ICO craze brought $1.46 billion to Switzerland last year. A recent report by the Crypto Valley Association revealed that token sales through May this year have attracted nearly double the funds raised in 2017.
The country’s economic minister, Johann Schneider-Ammann, said earlier this year that his country wants to become the “crypto nation” and shared a vision of Switzerland becoming a “Crypto Nation.” So far, the canton of Zug, promoting itself as the heart of “crypto valley”, has been attracting crypto startups with favorable tax and regulatory environment.