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Switzerland’s Financial Market Supervisory Authority approved the first Bitcoin direct-investment fund for retail investors, FX News Group reported. FINMA said BTC qualified for an exception to diversification rules because it has a longer trading history and higher trading volume than other cryptocurrencies, allowing the fund to concentrate on Bitcoin rather than spread investments across multiple assets. FINMA also cautioned that even an approved fund could expose investors to substantial losses given BTC’s high price volatility.