Adding to the rank of positive statements given by regulators worldwide, the Head of Securities and Exchanges at SIX, the owner of a Swiss stock exchange, said that he believes that “digital assets are here to stay”. In a recent interview with Business Insider, Thomas Zeeb, the executive in question, also spoke about the state of cryptocurrencies and regulation in the space.
The digital exchange offered by SIX will be overseen by the Financial Market Supervisory Authority. It is known as SDX, and also aims to offer custody solutions for those with a lot of capital and aims to be a fully regulated and mainstream digital assets platform.
Zeeb also clarified that the platform would not be offering cryptocurrency trading functionalities. He stated:
“Cryptocurrencies keep coming up. The capability is there to do it, but to be honest it’s not a priority. There are plenty of exchanges currently providing bitcoin trading services.”
The platform reportedly aims to target ICOs, thus plugging a funding gap between crowdfunding and IPOs. Zeeb presented a bright picture concerning atmospheres and institutional investors’ intentions and said that their job of bringing capital to companies is changing. He stated:
“There is demand from institutional clients to find a way to legitimize and bring asset safety into play.”
He made comparisons between the state of the cryptocurrency market currently and the state of the derivatives market in the early 1990s, stating that they were not mainstream yet. Zeeb stated:
“In the early ’90s derivatives were on the fringes, there were a couple of people who understood them, a lot of people lost money. Gradually, it got regulated, now every asset manager has derivatives as part of his toolkit.”
Keeping in mind his position as a prominent regulator in one of the world’s most significant financial markets, Zeeb made a prediction for the future of digital assets. He stated that adoption would occur in the next 5 years, much faster than the time required for other financial products such as derivatives. He said:
“I’m absolutely convinced that digital assets are going to come a lot faster than the 30 years it’s taken derivatives to be everywhere. It will go in maybe five years.”
Over the course of the interview, Zeeb also spoke about the general regulatory atmospheres around the world. He also touched upon the product offered by the InterContinental Exchange known as Bakkt. He said:
“Are we at the vanguard or are we the guys leaning so far over the balcony that we’re going to fall off? I don’t believe that’s the case. I believe digital assets are here to stay.”
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