This post was most recently updated on December 5th, 2018

While everyone’s eyes are as yet stuck to the Securities and Exchange Commission in the United States to give a decision on the first Bitcoin ETF, Switzerland regulators already approved the first ETF. According to a report from Financial Times, Switzerland’s main stock exchange has given a green light to the world’s first exchange-traded product tracking multiple cryptocurrencies.

Bitcoin hit $20,000 last year in December and now the price drop under $5,550.

Last week one of the top central bankers in Europe Benoît Cœuré, brought a negative narrative upon bitcoin calling it “the evil spawn of the financial crisis” He also added that: “Bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea.”

Swiss is the first to approve a Bitcoin ETF/ETP

Precisely the time Bitcoin hit the lowest point of the year the Swiss regulators took the opportunity to bring new investors in the crypto sphere announcing the worlds first crypto ETF. The Amun Crypto ETP, which will begin exchanging one week from now on the SIX exchange in Zurich, has been built to track the movements of the top 5 cryptocurrencies.

The ETP has been designed in a way where half of the ETP’s assets will be put into bitcoin with the rest of divided between XRP 25.4%, Ethereum 16.7% bitcoin cash 5.2% and Litecoin 3%. The ETP will convey a yearly administration fee of 2.5%.

Hany Rashwan, CEO of Amun, a financial technology-related firm in London, said the digital currency ETP had been built to meet the high standards requested from traditional exchange-traded products generally utilized by investors.

Speaking for Financial Times he said :

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,”

The ETP will operate under the ticker Hodl, a gesture to a most loved appeal used by the bitcoiners and crypto investors in general. — “hang on for dear life” — because of the wild instability that has bothered the market.

While Swiss have given a thumbs up, US controllers have rejected different applications to dispatch cryptocurrency trade exchanged funds as a result of worries that such products could expose investors to market manipulation and fraud.

Presently everyone’s eyes will be on the institutional investors on how would they utilize this ETP to invest in cryptocurrencies. If a flood of institutional money comes in crypto after this ETP approval, other regulators might consider approving crypto ETFs.

Will this approval by Swiserland change the position of the U.S. SEC? Feel free to post your opinion in the comments below.