SDX receives FINMA approval to launch Swiss digital asset trading platform
SIX Digital Exchange (SDX) has formally received the go-ahead from FINMA to operate a stock exchange and a central securities depository for digital assets in Switzerland.
The authorisation will enable SDX to go live with a fully regulated trading, settlement, and custody solution based on distributed ledger technology for digital securities.
Development of the infrastructure has been ongoing since 2018. Having passed the latest regulatory milestone, SDX will continue to build out the digital financial ecosystem to create a global liquidity network for digital assets.
It aims to engage in cooperative ventures with partners and accelerate the onboarding of global and local financial players.
The firm adds it will look to expand its international customer base to include banks, issuers, insurance firms, and institutional investors.
Thomas Zeeb, global head of exchanges and member of the executive board at SDX, says: “The digitalisation of financial markets continues apace, and while the final shape of the market is still evolving, this is an important milestone in providing institutional investors with a safe and robust infrastructure meeting all of the core requirements of a traditional exchange and CSD infrastructure.”
He concludes that the approval process has “proven to be an invaluable experience for SIX and for the industry as a whole” and has been “instrumental” in defining the company’s future strategy.