Crypto-centric finance app Aximetria obtains license from Swiss regulator

Being given a license that complies with anti-money laundering laws in Switzerland, crypto-focused finance app Aximetria can now say that its product is “fully compliant with Switzerland's anti-money laundering laws.” The license was provided by the Swiss Financial Services Standards Association (VQF).

The firm behind the app explained what this license is all about in a press release, adding how a VQF license is recognized by the Financial Market Supervisory Authority (FINMA). The license also allows it to operate as a “crypto financial intermediary” that is in compliance with the AML act of Switzerland.

"Under financial intermediary licensing, Aximetria will be subject to an even greater number of strictly enforced rules and guidelines, including rigorous audits, AML compliance, on-boarding, KYC and KYB (Know-Your-Business) processes for users, all of which will be stringently monitored on a continuing basis. These procedures will further strengthen Aximetria’s position in the market as a trusted finance platform," the press release reads.

In the same post, founder and CEO of Aximetria, Alexey Ermakov reiterated the importance of the license that the app just received. He placed particular emphasis on how the VQF license is particularly attractive for a fintech company.

“The Swiss license is of vital importance to Aximetria and our customers, partners, investors and the industry at large, including the blockchain ecosystem," he said.

"Compared to the EMI (Electronic Money Institution) license, which is the most popular regulation standard for European and British companies, the Swiss license is much more desirable for a fintech company. 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."

Switzerland is largely seen as one of the friendliest places in the world to the crypto industry, Cointelegraph reports. It has been handing out licenses to several crypto firms and has been especially supportive of the Crypto Valley Association.