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Swiss Stock Exchange Operator ‘Open’ to Cryptocurrency Trading on New Exchange

Last Updated March 4, 2021 4:03 PM
Samburaj Das
Last Updated March 4, 2021 4:03 PM

SIX, the operator and owner of Switzerland’s primary stock exchange, isn’t opposed to offering cryptocurrency trading on its new SIX Digital Exchange.

As reported by CCN.com earlier this month, Swiss Exchange Operator SIX announced plans to launch a fully compliant crypto assets exchange by mid-2019, dubbing it the Six Digital Exchange (SDX). The platform, which allows clients to tokenize their traditional securities and issue and trade custom digital tokens while conducting ICOs, is the ‘first market infrastructure in the world’ of its kind for digital assets, SIX claimed.

At the time of its announcement, the exchange operator claimed SDX will not function as a platform to facilitate the direct trading of decentralized cryptocurrencies like Bitcoin and Ethereum. Instead, the idea behind the all-in-one, fully regulated ‘ecosystem’ was to help the traditional financial market digitize their assets, bankable or otherwise.

However, a spokesman for SIX Group has now confirmed that the SDX is ‘technically’ feasible in having the means to “be able to add various digital assets” like cryptocurrencies to the platform.

In an interview with regional publication SwissInfo , SIX Group spokesman Stephan Meier was specifically asked if the new exchange would support the trading of cryptocurrencies like bitcoin.

In response, the spokesman revealed the operator is still in the process of developing the fully-regulated platform, hinting that the addition of any new digital or crypto asset “will go through a due diligence process.”

“So it is also still open whether cryptocurrencies or already existing ICO tokens can be traded,” he said, adding:

It is also still open whether cryptocurrencies can be traded and how a conversion into fiat would be facilitated.

If SIX decides to facilitate crypto trading through its new digital assets exchange, it would become the first major exchange operator in the world – fully regulated under the oversight of its financial regulator and the country’s central bank – to support cryptocurrency trading.

Further, the spokesman confirmed that SIX will also offer a complete ICO advisory service that includes the listing and trading of custom ICO tokens on its platform to clients in need of fundraising.

Bitcoin Swiss Franc image from Shutterstock.