On July 6th, 2018, SIX, the owner and operator of the Swiss Stock Exchange based in Zurich, has announced it’s launching a new fully-regulated crypto exchange.
Switzerland can be seen as one of the most crypto-friendly central European countries, with regulators offering clear guidelines on how they expect crypto companies to operate in the country. It is worth noting that despite the declining prices in major crypto assets since last year where the hyped crypto asset Bitcoin collapsed from around $20,000 per token in December 2017 to just over $6,600 on Thursday, still the new SIX Digital Exchange will be administered by the Swiss national bank and Swiss regulator FINMA.
“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,” said SIX CEO Jos Dijsselhof.
SIX’s new platform is set to offer fully integrated end-to-end trading, settlement, and custody infrastructure service keeping in mind the safe custody aspect for digital assets. In order to “provide a safe environment for issuing and trading” established cryptocurrencies such as bitcoin and ICO tokens, this platform is claiming to be the first of its kind in the world.
As seen in one of the promotional interviews with the company’s head of securities and exchanges, Thomas Zeeb, clears the timeline for this project, “SIX hopes to go live with this new exchange in the first half of 2019, due to the pending regulatory permission.”
Along with SIX, there are other operators also queued to venture out from the traditional stock exchange into cryptocurrency trading this year. For instance- The TMX Group, which runs the Toronto Stock Exchange, also revealed its own cryptocurrency brokerage service.And Intercontinental Exchange, owner of the New York Stock Exchange, is reportedly also influenced with the idea.