The crypto-focused personal finance app, Aximetria reached a new milestone this week after a press release confirmed that it received the Swiss Financial Services Standards Association (VQF) license.
The license which is reportedly recognized by Switzerland’s primary financial markets regulator, (FINMA) will allow Aximetria to thoroughly carry out its function as a crypto intermediary and streamline its on-boarding process in the country.
Aximetria defined the approval as a step further to confirm their commitment to comply with regulatory standards for crypto firms, specified by FINMA.
In fact, having the license as per Aximetria gives evidence that they carried out activities in compliance with the FINMA’s anti-money laundering (AML) and Know-your-Customer (KYC) rules crafted to stop cyber thefts.
When compared to the most popular regulation standard for European and British companies, that is, the EMI (Electronic Money Institution) license, “the Swiss license is much more desirable for a fintech company,” said Alexey Ermakov, founder and CEO of Aximetria.
“This is because it also extends to crypto laws in Switzerland and gives us a wide range of future business development, including loans, FX, e-money accounts and salary projects,” he added.
Per the release, Aximetria will be subject to more strictly enforced rules and guidelines, following the intermediary financial license.
For instance, the firm will be monitored on rigorous audits, on-boarding, AML compliance, KYC AND KYB (Know Your Business) processes for users, all of which will be done continuingly.
The cryptocurrency firm believes that such development today is one of the primary reasons for the continued growth of the digital currency finance market.
In June, the Switzerland stock exchange, SIX demanded that the country’s central bank issue a stablecoin cryptocurrency. The stablecoin is meant to serve as a payment option for a new digital securities trading platform to be launched by the national stock exchange.
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