According to CoinMeta, the Swiss Financial Market Supervisory Authority (FSMA) announced on Tuesday that it had approved the country's first retail fund that directly invests in Bitcoin. The fund is classified as an “other alternative investment fund” and has been exempted from the applicable risk diversification rules due to Bitcoin’s long trading history and relatively high trading volume. The FSMA stated that companies selling this fund must comply with the regulatory requirements of Swiss financial services laws, including clear warnings about volatility and the risk of capital losses. The specific name of the fund and its issuer have not yet been disclosed, but the regulatory authority mentioned that other providers have submitted or announced applications to offer Bitcoin funds as well.