FINMA approves L1 Digital to manage collective crypto-investment funds.

The Swiss Financial Market Supervisory Authority (FINMA) has authorised the investment firm L1 Digital to manage collective investment funds in digital assets. CoinDesk reports.

The Zurich-based company manages about $500 million in assets from pension funds, family offices and wealth managers of high-net-worth clients.

The licence will allow L1 Digital to offer institutional clients access to cryptocurrencies through a collective investment scheme.

Earlier in September, FINMA approved the first crypto investment fund.

Earlier, the regulator granted SIX Digital Exchange a licence to operate as an exchange and central securities depository for digital assets in Switzerland.