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According to the Financial Times, the Swiss Stock Exchange SIX, Europe’s third-largest stock exchange, is considering launching a new Bitcoin and cryptocurrency exchange in the country, with the aim of positioning itself to compete with exchanges such as Binance, OKX and Coinbase.
SIX Group Plans to Create New Bitcoin Trading Venue
Björn Sibbern, Head of Global Exchanges at SIX Group, has emphasized the potential of creating a platform to facilitate trading in spot cryptocurrencies and derivatives, noting that cryptocurrencies have become a globally recognized asset class.
According to a reportThe exchange aims to leverage its reputation and Switzerland’s progressive regulatory framework for digital assets to attract large institutional investors.
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Despite the growing interest, traditional financial firms have been reluctant to set up. Cryptocurrency Trading Platforms Due to concerns about regulatory clarity and reputational risks, while some major companies, including Deutsche Börse, Nomura, and Standard Chartered, have launched their own cryptocurrency exchanges, others remain cautious.
For example, CBOE Global Markets recently shut down its spot cryptocurrency trading venue, citing insufficient regulatory guidance. Similarly, CME Group considered entering the bitcoin trading space earlier this year, but has since indicated it has no immediate plans.
Crypto-friendly Swiss environment
According to Cybernex, the recent approval of Bitcoin and Ethereum Exchange Traded Funds The SEC’s ETF initiative has sparked renewed interest from individual and institutional investors.
Although the price of Bitcoin has seen significant volatility over the past two months — from a high of around $72,000 earlier this year to a current trading price of $59,800 — it is still up 40% since the start of the year, underscoring the appeal of the asset to investors and the confidence that it will continue to rise despite the Medium-term challenges.
The report also noted that Switzerland has emerged as one of the most “crypto-friendly countries” in Europe, thanks to its comprehensive laws governing the trading and custody of digital assets.
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Sibern noted that SIX is actively exploring ways to expand its offerings in Europe, with crypto trading seen as a key consideration. However, he stressed that any new place to trade “This service will only target institutional investors, such as asset managers, and not individual traders,” Siebern told the news agency.
We are looking at other ways to expand into Europe and as part of that, we are also looking at whether cryptocurrencies should be part of it. We see the trend that more and more global banks and institutions are looking into cryptocurrencies.
SIX also operates a crypto derivatives platform called AsiaNext in a joint venture with Japan’s SBI Group, and Siebern noted that they are evaluating whether to replicate this model in Europe.
The Swiss Stock Exchange, which is owned by 120 banks, already operates a digital exchange that has listed several digital bonds since 2018, indicating its commitment to integrating digital assets into its operations.
Featured image by DALL-E, chart by TradingView.com
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