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Switzerland approves country’s cryptocurrency investment fund

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The Financial Market Supervisory Authority (Finma), the Swiss capital market regulator, announced this Wednesday (29) the approval of the first investment fund based on cryptocurrencies in the country. This is the ‘Crypto Market Index Fund’, created by Crypto Finance, a Zurich-based company that facilitates the entry of institutional investors into the digital asset market.

According to the regulator, the new investment product must consist mostly of cryptocurrencies, as well as made available to qualified investors only. In addition, it may only be offered in jurisdictions covered by the International Financial Action Task Force (GAFI) — FATF.

Your rating, says Finma, needs to express terms that denote alternative investments with specific risks. As a result, the Crypto Market Index Fund needs supervision from Gafi, which oversees markets and has actions to prevent money laundering.

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In explaining the fundamental rules for the offer of the new investment product, the Swiss regulator said that the fund should rely mostly on cryptoactives, unlike similar products offered in Brazil.

According to Bruno Ramos de Sousa, legal director of Hashdex, despite the novelty, the country already had crypto ETPs for some years.

“They end up being almost the same as ETFs and have some advantages over regular funds such as the ability to trade intraday,” he told the Bitcoin Portal.

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For him, the Swiss fund is not so innovative, since the local ETPs were already at an advanced stage and “well meet the market’s needs”.

First regulated fund

The new investment fund will be handled by Crypto Finance’s arm, Crypto Fund AG. In a statement, and also on social networks, the company celebrated Finma’s approval: “First regulated fund”. She also said that the fund has a partnership with two other institutions that will help her with the administration and custody of the product; respectively PvB Pernet von Ballmoos AG and SEBA Bank AG.

Also according to the note, Crypto Finance’s passive investment fund tracks the performance of the Crypto Market Index 10, managed by the SIX Swiss Exchange.

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“The investment fund allows clients of innovative wealth and asset management companies to participate in this next asset class and further diversify their portfolio in a safe and regulated manner,” commented Crypto Fund AG’s chief operating officer and chief financial officer. , Bernadette Leuzinger.

Switzerland has been attracting companies focused on technological innovations such as blockchain technology and the government goes to great lengths to attract foreign companies.

In February of this year, Switzerland also passed a law that gives the green light to blockchain product tokenization. A wine collection was the first to become a security

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Investor Charlie Munger Calls Crypto ‘Crazier Than DotCom Era’, Backs China for Banning Them

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The crypto market rally this year in 2021 has been indeed crazier with the broader growing market growing 3x by adding nearly $2 trillion to the overall market cap. However, traditional investors and big names like Charlie Munger are finding it too difficult to digest.

The investment legend calls this rally in the crypto market to be crazier than the dotcom era. Addressing Australian investors at the Sohn Hearts and Minds conference on Friday, December 3, Mr. Munger called this investment environment “a little more extreme”. He also backed China on clamping down on “some of the exuberances” of capitalism. Expressing his extreme criticism towards cryptocurrencies and Bitcoin, Mr. Munger said:

“I think the dot com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era. I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them.

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Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves,” he added.

Munger Backs China for Banning Digital Assets

The legendary investor further added that he would never participate in this “insane” crypto boom. More interestingly, Munger even backed China for banning cryptocurrencies entirely. He noted:

“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision”.

Legendary investor Warren Buffett and Munger’s partner at Berkshire Hathaway have also showered strong criticism on Bitcoin in the past calling it ‘rat poison squared’. After Buffet’s comments back in 2018, Bitcoin has just continued to grow higher.

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3 Cryptocurrency To Buy For Christmas: Bitrise Coin, Cardano $ADA And Solana $SOL

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Investing in the cryptocurrency industry is one of the smart decisions one can make today. The year 2021 has proven the kind of potential the crypto industry has with cryptocurrencies like Bitcoin and Binance recording bullish growth and making many dollar millionaires.

The industry is still young, and there are still many high-potential cryptocurrencies to invest in. Bitrise coin, Cardano $ADA, and Solana $SOL are three cryptocurrencies everyone crypto investor should have for this Christmas. These are high utility tokens with a solid 2022 development plan.

Cardano and Solana are blockchains that are doing very well in the crypto industry. The two blockchains address the problems associated with Ethereum and Bitcoin, which are scalability, security, and gas fees/transaction costs. At this moment, both Cardano and Solana have higher throughput than Ethereum.

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Cardano is older than Solana, having been launched in 2017, and has so far achieved incredible milestones. That’s why Cardano ADA has been doing very well. Just like Solana, the Cardano platform uses the Proof-of-Stake consensus protocol to address the mentioned limitations. The accomplishments made by Cardano and Solana blockchains are some of the reasons their coin’s demand is ever rising.

Already Cardano and Solana have released their 2022 roadmaps, something that has excited the crypto community. There are big developments coming up in 2022 that will increase the demand for Cardano $ADA and Solana $SOL.  

But investors need to pay more attention to the Bitrise coin. Bitrise is a still mooning coin that has been around for just 4 months but is attracting the crypto community’s attention. It is a hyper-deflationary token that rewards investors for just holding tokens.

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Bitrise is a DeFi protocol built on the Binance Smart Chain and has already made impeccable accomplishments in developing a decentralized financial system. Like Cardano and Solana, the team is addressing the centralization of the financial services.

The team had already developed key products for this DeFi ecosystem, including Bitrise Audits, Techrate Audi, and dApp wallet in its first 3 months of launching. Bitrise exchange is launching in Q1-2022, and blockchain is in the development stages. These developments have made Bitrise coin popular, just like Cardano and Solana coins.

The staking process and investors’ rewards are other reasons why Bitrise coin is a good buy for Christmas. Like Cardano and Solana, Bitrise is soon launching the staking process and will be sharing 80% APY of the generated revenue. Like Cardano, there are already multiple products in the Bitrise ecosystem, and this means more money for staked tokens.

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Bitrise tokenomics also redistributes 4% of the 12% tax on all transactions token holders for just holding tokens. The reward is BNBs and is automatically sent to Holders’ wallets every 60 minutes as static income.

Crypto investors looking to start 2022 on a high, Bitrise coin, Cardano $ADA, and Solana $SOL are cryptocurrencies to buy for Christmas. These are coins with massive potential because of their utility and a solid development plan.

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Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today

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Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.

The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.

The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.

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On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.

Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.

Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.

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Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.

The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.

complicated withdrawal

In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”

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To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.

Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.

Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.

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A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.

“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.

He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.

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Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.

The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.

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