Swiss SIX stock exchange explores setting up crypto arm in Europe

A Swiss exchange is considering launching a crypto trading platform in Europe, aiming to attract traditional investors by taking advantage of Switzerland’s crypto-friendly laws.

Swiss exchange operator SIX Group is considering launching a new platform for cryptocurrency trading in Europe, aiming to challenge major players such as Binance, OKX and Coinbase, the Financial Times reported, citing Bjørn Sibbern, head of global exchanges at SIX Group.

The company hopes to use its reputation and Switzerland’s progressive crypto regulations to attract institutional investors interested in crypto trading. Sibbern says the exchange is considering the idea because crypto is becoming “an increasingly recognized asset class.”

The company is currently evaluating the creation of a platform where “we can help facilitate commerce”, whether [spot] “Crypto or derivative?” he added, but did not elaborate on the timeline for the platform’s launch.

SIX’s cryptocurrency platform will target institutional investors only

While many traditional financial firms are hesitant to enter the crypto space due to regulatory uncertainty, companies like Deutsche Börse, Nomura, and Standard Chartered have already launched separate crypto trading platforms.

Sibbern stressed that the new venue will be open to institutional investors only, adding that a growing number of global banks and institutions are now exploring opportunities in crypto. Targeting large investors, the platform will benefit from Switzerland’s crypto-friendly environment, where there are clear regulations governing asset trading and custody.

In late July, the Swiss Financial Market Supervisory Authority published guidance for issuers and guaranteeing banks addressing the risks and challenges associated with stablecoins. In the guidance, the regulator underlined the need for stablecoin issuers to verify the identities of token holders and beneficiary owners to mitigate these risks.