Swedish digital asset manager Virtune has received regulatory approval to launch its first crypto exchange-traded products (ETPs) in Europe.
The crypto issuer said it would list its first crypto ETP on the Nasdaq Stockholm in Q2 this year, the Virtune Crypto Top 10 Index ETP, offering investors exposure to the 10 ‘leading’ cryptocurrencies approved by Nasdaq.
The ETP will be 80% weighted to bitcoin and ethereum and carry a total expense ratio (TER) of 1.95%.
The Stockholm-based group said the approval was greened lighted by the Swedish Financial Supervisory Authority (FSA) earlier this month, giving it the ability to list ETPs on regulated market stock exchanges across the continent.
Investors will be able to access the products via their banks, brokers and saving platforms.
Virtune added it would be looking to build a crypto ETP range comprised of single asset ETPs, basket crypto ETPs and crypto index ETPs.
It will also look to add decentralised finance tools such as staking.
Christopher Kock, CEO of Virtune, said: “We are thrilled to offer investment products to investors throughout the Nordic region and beyond.
“We recognise that the regulatory framework in Sweden has been supportive of such approved regulated investment companies, like Virtune, and we welcome its deliberation.”
Last week, EU lawmakers approved the Markets in Crypto Assets (MiCA) bill, hailed as a landmark moment for cryptocurrencies across Europe.