Swiss Stock Exchange SIX Considers Launching Crypto Exchange in Europe
Date: 2024-09-19 Author: Gabriel Deangelo Categories: BUSINESS
The operator of the Swiss stock exchange, SIX Group, is reportedly considering launching a new cryptocurrency trading platform in Europe.
According to the Financial Times, the company is aiming to compete with major players like Binance, OKX, and Coinbase by leveraging its reputation and Switzerland’s crypto-friendly regulatory environment.
SIX Stock Exchange Takes on Major Crypto Exchanges
Bjorn Sibbern, global head of exchanges at SIX Group, said the company is considering creating a platform that could support both spot and derivatives trading in cryptocurrencies.
While no specific timeline is available, Sibbern highlighted the importance of cryptocurrencies, which he said are becoming a widely “recognized asset class,” prompting the company to explore the sector.
If the platform is launched, it would be a significant step for the SIX Group in the crypto space and a direct challenge to exchanges like Binance, Coinbase, and ByBit.
According to the latest data from analytics company CCData, trading volumes on centralized exchanges are increasing, with spot and derivatives market activity up 5.38% in August to reach $5.22 trillion.
Large exchanges like Binance currently control around 70% of this spot trading volume, and the entry of traditional financial institutions into the market could change that.
The planned exchange from the SIX Group will target the growing interest in cryptocurrencies from global banks and institutional investors.
While many traditional financial companies have refrained from entering the crypto market due to regulatory uncertainty, institutions like Deutsche Börse, Nomura, and Standard Chartered have already launched their crypto trading platforms.
SIX to Target Institutional Investors Using Switzerland’s Crypto-Friendly Environment
SIX Group hopes to differentiate itself by offering institutional clients a safe and regulated environment for trading digital assets.
Switzerland has established itself as one of the most crypto-friendly countries in Europe, with clear and strict rules governing the trading and storage of cryptocurrencies.
This regulatory clarity provides legal certainty for both businesses and investors, giving SIX Group a solid foundation to build its new platform.
Similarly, the country’s regulations provide companies with clear guidelines for operating in the digital asset space, including strict regulations for stablecoins, which have become an important part of the crypto ecosystem.
In late July, the Swiss Financial Market Supervisory Authority (FINMA) issued guidelines on stablecoins, requiring issuers to verify the identities of token holders and beneficial owners to reduce associated risks.
SIX Group’s experience in the crypto space through its subsidiary AsiaNext, a Singapore-based crypto derivatives firm, could also provide valuable insights for this European project.
AsiaNext could become a model for a European platform, offering a proven structure for trading and managing crypto assets in a regulated environment.
