The Swiss Stock Exchange SIX is exploring the possibility of establishing a platform for Cryptocurrency trading in Europe, with the intention of competing with established digital asset companies such as Binance, OKX and Coinbase.
What happened
The move reflects growing institutional interest in digital assets, particularly as traditional investors seek a reputable and regulated environment to trade cryptocurrencies.
Bjorn SibbernSIX Group’s global head of exchanges, highlighted the growing acceptance of cryptocurrencies as a legitimate asset class.
“Cryptocurrencies have increasingly become a recognised asset class,” Sibbern told the Financial Times.
He explained that SIX is considering building a platform to facilitate trading of both spot and derivatives cryptocurrencies.
This initiative could take advantage of Switzerland’s strong regulatory framework for digital assets, making it a key player in the European market.
Although some traditional financial institutions have been cautious about entering the cryptocurrency space due to regulatory uncertainties and concerns about reputational risks, some major companies have ventured into the sector.
For example, Deutsche Boerse, Nomura and Standard Chartered have launched their own cryptocurrency exchanges, often separately from their core operations.
However, not all efforts have been successful.
CBOE Global Markets (BATS:CBOE) shut down its spot cryptocurrency exchange earlier this year, citing unclear regulations, and CME Group explored Bitcoin trading but has since put those plans on hold.
The approval of exchange-traded funds (ETFs) Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) spot by the US Securities and Exchange Commission earlier this year has generated increased interest from both retail and institutional investors.
This influx of investment has raised expectations that more investors will look to trade cryptocurrencies directly.
Although the price of Bitcoin has dropped from its all-time high of $72,000 to around $60,000, it is still 40% higher than it was a year ago, demonstrating the market’s resilience.
Switzerland has emerged as one of Europe’s most crypto-friendly nations, boasting comprehensive laws around the trading and custody of digital assets.
These regulations provide clarity on the classification of various types of tokens, something that many other countries have yet to implement.
This regulatory advantage could make Switzerland an attractive location for institutional cryptocurrency trading.
Sibbern noted that SIX is evaluating several avenues for growth in Europe, with cryptocurrency trading being one of the options.
“We are looking at other ways to expand in Europe and as part of that, we are also considering whether cryptocurrencies should be part of it,” he said, emphasizing that the platform would be aimed at institutional investors, such as asset managers. He further added: “We see the trend that more and more global banks and institutions are looking towards cryptocurrencies.”
SIX already operates a cryptocurrency derivatives platform, AsiaNext, based in Singapore in partnership with Japan’s SBI Group.
Sibbern said the company is considering a similar initiative in Europe, although the project is still in the evaluation phase.
“We are looking at whether we should do something similar in Europe,” Sibbern said, acknowledging that the company could ultimately decide not to pursue the venture.
In addition to exploring cryptocurrency trading, SIX operates a separate digital exchange, on which nine digital bonds have been listed since 2018, with issuers including UBS and the city of Lugano.
Sibbern indicated that this digital exchange could potentially expand to encompass cryptocurrency trading as well, which would mark a significant evolution for the Swiss group.
This exploration into cryptocurrency trading comes at a time when SIX’s traditional exchanges have seen notable successes, hosting two of Europe’s largest IPOs this year: Spanish beauty company Puig and dermatology firm Galderma.
Image: Shutterstock
You can also read: Ethereum Price Crashes in Q3: What Factors Are Behind the Decline?
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