The major Swiss stock exchange house namely “SIX” has been finally able to secure long-pending approval for launching its proposed virtual currency trading platform under the name and style of “SIX Digital Exchange” – a project anticipated by many for a very long time. The exchange makes a claim that it is the exchange alone which can assist the final stage of digital transformation in taking place.
Finally the moment of rejoice has come for Switzerland’s one of the most acclaimed and renowned stock exchanges namely “SIX”. The exchange had filed two separate applications before Swiss Financial Market Supervisory Authority (FINMA) for launching new projects. One application of SIX was relating to a proposal for integrating crypto trade services under the name “SIX Digital Exchange (SDX)”. However, both the applications were kept pending by FINMA for long without any determination. But the determination has been finally made by FINMA.
An announcement has been made from SDX’s platform on 17th September, 2021 that regulatory approval has been finally granted. Now SIX is under no restraint to send live its most anticipated crypto trading platform. It has been announced that FINMA has decided the fate of both applications submitted by SIX. One application was relating to a stock exchange development project and the other was concerning crypto trading in Switzerland.
SDX has stated that now SDX is anxious to send live immediately its long awaited crypto platform. It told that the crypto platform of SDX would be subject to regulation which will allow users to trade crypto and storing their virtual assets. Furthermore, with the license is in place now, SDX’s crypto services will be directly supervised by Switzerland’s top exchange house namely SIX.
The man in-charge of all the exchanges of SIX, Thomas Zeeb, has commented that financial markets are digitally evolving. However, the digital market hasn’t reached its final stage of digital transformation. He said that the final stage of digital transformation will become due when crypto infrastructure can guarantee safeguard to institutional investors. He claimed that only SIX has the capability of allowing the final stage of digital transformation to take place.
Zeeb explained that SIX wants to build a global network of exchanges and bring them at one platform with access to virtual assets. He is expecting a platform which is going to bring in customers from across the borders such as international firms, banks and individual investors.
According to Zeeb, SIX is currently looking forward to send live its promised platform as quickly as possible. However, he clarified that initially, the platform will allow users to trade crypto bonds. In the next phase, it is likely that the users would be able to see ETFs and trading in stocks as well, claimed Zeeb.