Zurich-based bank Sygnum, which specializes in crypto assets, has announced that it has released the first digital asset that complies with the new Swiss legal framework for blockchain and DLT technologies. This symbol makes it possible to invest in high quality wine.
Sygnum announces that it has launched its first crypto asset in the art and collectibles space. For this purpose, the Zurich-based company has teamed up with Fine Wine Capital, a wine merchant from Steinhausen (Zug). Sygnum has put together a selection of high-end wines that can be the subject of investment. It is the first blockchain-based asset that complies with the new Swiss legal framework for Distributed Ledger Technology (DLT).
Investing in real assets like wines, works of art, and diamonds are often illiquid and difficult to obtain, explains Sygnum. The « tokenization » solution is intended to facilitate trading in these financial products and make them accessible to a broader group of investors.
Legal framework to promote trading in crypto assets
In late September, parliament approved several amendments to ten federal laws to adapt them to corporate use of blockchain. The changes have been consulted to date, February 2, 2021. They are expected to come into force this summer. However, there were plans to introduce provisions at an earlier stage. According to the plans announced by the federal government on December 11, these have been in force since February 1. Sygnum notes that the new legal base promises to unlock the full potential of asset tokenization.