Swiss Stock Exchange SIX to Release World’s First XRP Crypto ETP “AXRP” to Track Ripple Coin Value
XRP Exchange-Traded Product Coming To SIX
It seems the world’s first XRP exchange-traded product will be coming to Switzerland’s SIX exchange. The news was confirmed by Hany Rashwan, co-founder and CEO of the Swiss company Amun AG, who said that his firm has received approval from SIX to Launch an XRP-linked ETP which will go by the name AXRP on the SIX exchange.
“We can comfortably say that we expect to release the world’s first XRP ETP within the next two months,” he said.
This isn’t the only ETP that will be seeing the light of day soon as Rashwan says that they have also been approved for ETPs that will track the price of bitcoin cash (BCH), litecoin (LTC), stellar lumens (XLM) and EOS.
For now, the date of release of the ETPs has not been announced, but AG intends for all the approved ETPs to be launched by the end of 2019. The SIX Exchange has been very friendly towards the crypto industry and released an ETP for the top weighted crypto products in late 2018. The products that are part of the ETP are BTC, ETH, XRP, and LTC and are recorded under the name HODL. They also have ETPs that are linked to Bitcoin and Ethereum currently in operation.
Regulations And Rules
While the ETPs are listed on the SIX, they are also subject to a number of regulations and as a result, only about 15 tokens in the world are eligible for listing.
For starters, they are not considered as collective investment schemes that are subject to the supervision of Switzerland’s market regulator, the Federal Financial Market Supervisory Authority (FINMA). Instead, they are looked at as passive investment instruments.
“The collateral also has to be kept at an independent qualified custodian. The calculation of the price is checked multiple times a day by several parties,”
Rashwan said, also stating that AG keeps its collateral with Kingdom trust, a custodian firm for both traditional and crypto assets registered with the Securities Exchange Commission in the US, though there are plans to introduce more as time goes on.
The rules of the SIX also allow for only the top 15 tokens by capitalization to be listed. On top of this ICO coins are prohibited.
“Tokens, in the sense of units from a project, which are often issued as part of an initial coin offering, are not permitted as an underlying instrument,” the stock exchange states.
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