Aximetria, a firm offering a personal finance app for both fiat and cryptocurrencies, has been awarded a license from the Swiss Financial Services Standards Association (VQF).
The firm told CoinDesk exclusively on Monday that the license – which is recognized by Switzerland’s Financial Market Supervisory Authority (FINMA) – enables it to definitively state that its product is “fully compliant” with Switzerland’s anti-money laundering laws.
The news also means Aximetria can now start operations as a crypto financial intermediary under the Swiss Anti-Money Laundering Act.
The VQF is a self-regulatory organization, primarily responsible for the supervision of anti-money-laundering (AML) and prevention of terrorism funding compliance for Swiss financial intermediaries.
Alexey Ermakov, founder and CEO of Aximetria, 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.”
Something like a crypto-friendly TransferWise, the app offers exchange and international payments using the U.S. dollar, the euro and cryptocurrencies, as well as a crypto-enabled debit card in some jurisdictions – the firms says customers must pass a “rigorous” remote know-your-customer (KYC) process before they can buy or sell currencies.
The financial intermediary license means that Aximetria will also have to comply with a greater number of rules and guidelines, including audits, AML compliance, on-boarding, KYC and KYB (know-your-business) processes for users, which will be strictly monitored by the regulator on an ongoing basis.