Swiss fintech firm, Amun AG has received regulatory approval to expand its crypto exchange-traded product (ETP) offerings in the European Union (EU).
The Swedish Financial Supervisory Authority (SFSA) approved a base prospectus filed by the Amun AG.
Before now, Amun AG offered crypto exchange-traded products (ETPs) in Switzerland and Germany. But, with the SFSA’s approval, Amun AG gets the right to offer these investment products in Sweden and the EU.
Accordingly, the approval by the SFSA gives the green light to the firm’s other plans. They include applying to list the ETPs on other regulated exchanges in the EU. Thus, expanding market access.
Ophelia Snyde, President of Amun AG emphasized that their mission remains focused on helping investors ensure safety. As well as cost-effectiveness and ease when investing in crypto asset classes through the crypto ETPs. She also pointed out that the process requires 4 months of consultancy.
Furthermore, she said: “We recognize that the regulatory framework in Sweden expressed support for our initiative. Also, welcoming its deliberation.”
Concerning Amun AG’s entrance into the Swedish and EU market, she explained: “The combination of strong demand for ETPs in Sweden among private investors and institutional clients. Also, our strong expertise in these product categories creates ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs.”
Amun AG expansion in the EU
Notably, Hany Rashwan, CEO of Amun AG said that the firm expects to list the ETPs on three European exchanges before the end of 2020.
Besides, he said Ammun claims about $55 million in current assets under management (AUM). The firm plans to add about $20 million from the upcoming offerings in the EU. He also revealed that the firm aims to go global. Quoting Rashwan: “We’re on one continent, five more to go.”
In terms of manpower, Rashwan said Amun commands a headcount of 18. But, said plans exist to further expand the team next year.
To remind, Amun currently offers nine cryptocurrency ETP products. These include a Bitcoin (BTC)-based ETP, an Ether (ETH)-based ETP, and an XRP-based ETP. The ETPs are currently offered in Switzerland and Germany on the SIX Swiss Exchange. As well as BX Swiss and Boerse Stuttgart.