Amun AG is a Swiss fintech company that announced this Tuesday that it has gained approval from the Swedish Financial Supervisory Authority (SFSA) to offer crypto ETPs in the European Union.
Amun offers ETP products (exchange-traded products) backed by either basket of cryptocurrencies or single cryptocurrency. The company currently has 10 of its products listed on the Swiss Stock Exchange and 7 – on the Boerse Stuttgart. Some of its products include ETPs backed by Binance Coin, Ethereum, Bitcoin and others.
According to press, Amun, after receiving the approval from the Swedish regulator can now conduct its operations anywhere in the EU.
While the market is now free to enter for Amun, the company will need to approach each individual exchange in the EU if its aims to list its products on that particular exchange. Currently, Amun is not revealing that it’s going to list its products on any particular exchange, but the CEO commented that Amun is targeting the 3 largest exchanges in the union countries. Any particular move is expected to take place next year.
According to Finance Magnates, Amun has partnership with Coinbase Custody to store all of its digital assets that back its cryptocurrency offerings. ETPs are special products in the sense that, while they can be traded like any other stock, firms that manage ETPs are legally obliged to back these products on a 1:1 basis by reserves of the actual underlying assets.
Ophelia Snyder, a president at Amun shared the following, as reported by Finance Magnates:
Our mission is clear and that is to help investors more safely, cost effectively and easily invest in crypto asset classes through our crypto ETPs.