Crypto payments startup UTRUST obtains Swiss regulatory approval
Mon, 13 May 2019, 06:29 am UTC
UTRUST, a Switzerland-based cryptocurrency payment solution, has announced that it has been approved to join the Financial Services Standards Association (VQF).
VQF is a self-regulatory organization (SRO) officially recognized by Switzerland’s Financial Market Supervisory Authority (FINMA).
The membership with VQF will allow UTRUST to operate as a financial intermediary under the Swiss Anti-Money Laundering Act (AMLA). UTRUST said that it can now start operating as a digital payments technology provider, adding that the membership will also streamline its process of onboarding merchants and customers into its ecosystem.
“Securing this SRO membership gives further credibility to UTRUST, our operational model and to the blockchain ecosystem as a whole. This sets a new standard for blockchain companies and sends a strong message that this technology is here to stay,” Nuno Correia, Co-Founder and CEO of UTRUST, said.
UTRUST’s platform allows merchants to accept digital currencies as payment, as well as provides comprehensive and first-of-its-kind buyer protection and instant crypto-to-fiat conversions, the company said. It will help transform the payments industry by eliminating the risk of fraud and market volatility for both buyers and merchants.
As a recognized SRO member under VQF, UTRUST will be subject to a number of stringent rules and guidelines. In addition to rigorous audits, its on-boarding and KYB (Know Your Business) processes for merchants, as well as its AML compliance mechanisms, will be monitored on an ongoing basis. These procedures will further reinforce UTRUST’s position in the market as a trusted partner.
With this approval, UTRUST said that it will also contribute to the continued development of the digital currency payments industry by helping to establish best-practice guidelines for organizations operating in the space.
“Time has shown us that unregulated companies are not conducive to a prosperous ecosystem, as they allow bad actors to have an undue influence on the market. We are proud to be a member of VQF, and look forward to UTRUST being part of the journey to mass adoption,” Correia added.
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