According to the Financial Times, the Swiss exchange SIX, the third largest in Europe, is exploring the possibility of launching a new Bitcoin and cryptocurrency exchange in the country, aiming to position itself to compete with exchanges such as Binance, OKX and Coinbase.
SIX Group Plans New Bitcoin Trading Venue
Bjørn Sibbern, global head of exchanges at SIX Group, highlighted the potential of creating a platform to facilitate spot and derivatives cryptocurrency trading, noting that crypto has become a globally recognized asset class.
According to the reportthe exchange aims to leverage its reputation and Switzerland’s progressive regulatory framework for digital assets to attract large institutional investors.
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Despite growing interest, traditional financial firms have been hesitant to establish crypto trading platforms due to concerns about regulatory clarity and reputational risks. While some large companies, including Deutsche Boerse, Nomura and Standard Chartered, have launched their own cryptocurrency exchanges, others remain cautious.
For example, CBOE Global Markets recently closed its spot crypto venue, citing insufficient regulatory guidance. Similarly, CME Group considered entering the Bitcoin trading space earlier this year but has since indicated it has no immediate plans.
The crypto-friendly environment in Switzerland
According to Sibbern, the recent approval of Bitcoin and Ethereum in sight exchange traded funds The U.S. Securities and Exchange Commission’s (SEC) ETFs have sparked renewed interest from retail and institutional investors.
While Bitcoin’s price has seen considerable volatility over the past two months – from a high of around $72,000 earlier this year to a current trading price of $59,800 – it is still up 40% year-to-date, underscoring the asset’s appeal to investors and confidence in its continued appreciation despite medium-term challenges.
The report further notes that Switzerland has emerged as one of Europe’s “most crypto-friendly jurisdictions” thanks to its comprehensive laws governing the trading and custody of digital assets.
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Sibbern noted that SIX is actively exploring ways to expand its offerings in Europe, with cryptocurrency trading being a significant consideration. However, he stressed that any new trading place would cater exclusively to institutional investors, such as asset managers, rather than retail traders. Sibbern further told the outlet:
We are looking at other ways to expand in Europe and as part of that we are also looking at (whether) crypto should be part of that. We see the trend that more and more global banks and institutions are looking at crypto
SIX also operates a crypto derivatives platform called AsiaNext in a joint venture with Japan’s SBI Group. Sibbern noted that they are evaluating the possibility of replicating this model in Europe.
The Swiss bourse, owned by 120 banks, already operates a digital bourse that has listed several digital securities since 2018, indicating its commitment to integrating digital assets into its operations.
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