Ethereum ETP goes Live on Swiss Exchange
By Tyler Smith – Crypto Investor
The Swiss stock exchange, SIX Group, has listed an Ethereum Exchange Traded Product (ETP) as of the 5th March under the ticker AETH. An ETP is a type of security that is derivatively priced and trades intra-day on a national security exchange. This ETP will track the underlying Ethereum asset and allow investors to bet on its price without buying cryptocurrency.
The Amun Ethereum ETP makes a total of three cryptocurrency-based ETPs listed on the SIX exchange. The exchange listed the Amun Bitcoin ETP at the end of last month under the ticker ABTC, allowing traders of the exchange to bet on the price of Bitcoin without buying Bitcoin in the process.
These two products come after the exchange introduced the Amun crypto basket index ETP back in November last year under the symbol HODL. This basket tracks the top five cryptocurrencies by market capitalisation which includes Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin at current, updating when necessary. SIX claim the Amun crypto basket is up 1113% since launch.
These products are both very new to the market and still must gain traction with investors. Many institutions would like to speculate on the price of a cryptocurrency without buying crypto as they are unfamiliar with the technology and do not wish to hold it. These products are one such vessel that allows these institutions to get involved without the technical risks associated with cryptocurrencies.
Crypto ETPs like this do not qualify as a collective investment scheme under the Swiss Federal Act on Collective Investment Schemes (CISA). Due to this, these products are not required to be governed or supervised by the Swiss Financial Market Supervisory Authority (FINMA).
You can head over to our site if you are seeking to buy Bitcoin UK or buy and sell cryptocurrency.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards