FINMA approves Switzerland’s first Bitcoin fund for retail investors that holds Bitcoin directly

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FINMA has approved Switzerland’s first exchange-traded fund for retail investors that holds Bitcoin directly, ending the previous restriction that such funds were available only to qualified investors. The fund has been granted an exemption from the risk diversification rules for public funds on the grounds that Bitcoin has a longer trading history and higher trading volumes than other cryptocurrencies; the exemption does not apply to other cryptocurrencies.