Update
Swiss Regulator Approves First Retail Bitcoin Fund
The Swiss Financial Market Supervisory Authority (FINMA) has approved the country's first retail fund that directly invests in Bitcoin. The fund, classified as an 'other fund for alternative investments,' trades on an exchange and is exempt from risk diversification rules due to Bitcoin's long trading history and high trading volume compared to other cryptocurrencies. FINMA waived the risk diversification rules for this fund, which is open to the general public and invests in Bitcoin alone, unlike a previous fund approved in September 2021 that was restricted to qualified investors and invested in a basket of crypto assets.