瑞士批准首只面向零售投资者的现货比特币ETF：FINMA豁免分散投资要求
瑞士金融市场监督管理局（FINMA）10月20日宣布，批准瑞士首只面向零售投资者的现货比特币交易所交易基金（ETF），该基金可依据瑞士集合投资规则直接持有比特币。FINMA 表示，该基金属于「另类投资其他基金」类别、具有特殊风险，并获准豁免投资基金通常适用的风险分散要求；豁免理由是比特币交易历史相对较长、在加密货币中交易量特别大。FINMA 未公布获批基金的名称、管理人、费用与上市日期，并表示其他发行商已提交或宣布了申请。
FINMA 同时强调，批准并不意味着监管机构认为比特币是低风险资产：即使通过获批的 ETF 投资，投资者仍可能因价格大幅波动损失相当部分本金。受监管机构须按照 FINMA 2026年1月12日发布的监管指引降低托管与运营风险，基金文件必须清晰说明风险、不得暗示受监管地位可保护投资者免受市场损失；销售环节须遵守《金融服务法》，包括风险警示与适当性、适配性评估。
在此之前，瑞士与加密资产挂钩的证券已在 SIX Swiss Exchange 交易多年，但交易所将现有的交易所交易产品（ETP）归类为债务证券，而非集合投资计划；FINMA 曾于2021年9月批准一只加密资产基金，但分销仅限合格投资者。此次批准首次把直接持有比特币的基金结构开放给零售投资者。
Switzerland Approves First Spot Bitcoin ETF for Retail Investors: FINMA Grants Diversification Exemption
The Swiss Financial Market Supervisory Authority (FINMA) announced on October 20 that it has approved Switzerland's first spot Bitcoin exchange-traded fund for retail investors, allowing a Swiss investment fund to hold the cryptocurrency directly under the country's collective investment rules. FINMA said the fund belongs to the category of other funds for alternative investments with particular risks, and permitted it to concentrate its investments in Bitcoin despite the risk-spreading rules normally applied to investment funds, citing Bitcoin's comparatively long trading history and particularly high trading volume among cryptocurrencies. FINMA did not name the provider, the fee or a listing date, and said other fund providers have already filed or announced applications.
FINMA stressed that the decision does not mean the regulator considers Bitcoin a low-risk asset, and that even investors using an authorised ETF can lose a substantial amount of their capital because of large price swings. Supervised institutions must reduce operational and custody risks in line with supervisory guidance published on January 12, 2026, fund documents must clearly explain the risks without suggesting that regulated status protects investors against market losses, and at the point of sale financial institutions must comply with the Financial Services Act, including appropriate risk warnings and assessments of whether a product is appropriate or suitable for a customer.
Crypto-linked securities have traded on the SIX Swiss Exchange for years, although the exchange classifies its existing exchange-traded products, or ETPs, as debt securities rather than collective investment schemes. FINMA had previously approved a Swiss cryptocurrency fund in September 2021, but distribution of that fund was restricted to qualified investors rather than the general retail market. The October approval is the first to open a directly held Bitcoin fund structure to retail investors.
来源：GSM·美国（原文链接）
图片来源：Zurich 金融区 Bahnhofstrasse 街景，Dietmar Rabich 摄，CC BY-SA 4.0（Wikimedia Commons）
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