Crypto Industry Now Comprises 7% of Switzerland’s Largest SRO: Report

Published at: Aug. 2, 2019

Switzerland’s biggest cross-industry self-regulatory organization (SRO) has seen a spike of members from the cryptocurrency and blockchain industry.

88 members of Financial Services Standards Association have connections to crypto

The Swiss Financial Services Standards Association (VQF), the oldest and largest SRO in the country, said that 7% of its membership is connected with crypto-related businesses, financial news outlet Finews reports Aug. 2.

Simon Waelti, one of the co-CEOs at the association, clarified that 88 members in VQF have a connection to crypto so far, adding that the figure may come to vary over the course of the year.

The mission of the VQF is combating money laundering and the prevention of the terrorism financing in the financial sector. As stated on the official website, the VQF SRO is officially recognized, regulated and supervised by the Swiss Financial Market Supervisory Authority (FINMA), which is why the supervision system is considered as controlled self-regulation.

Bitcoin Suisse was the first crypto company to join the VQF

Bitcoin Suisse, a Zug-based regulated crypto financial broker and asset manager, has been a VQF member since 2014. According to the report, the company claims to be the first crypto-related company to join the association.

Bitcoin Suisse, which is also a member of Crypto Valley Association, recently applied for banking and securities dealer licenses from the FINMA in order to adapt to a rapidly-changing landscape to cryptocurrencies.

As previously reported, the VQF is also competent of issuance of its own license. Recently, the association has granted its VQF license to crypto-based personal finance app Aximetria, allowing the company to function as a crypto intermediary.

Tags
Bitcoin Regulation
Cryptocurrencies
Switzerland
Aml
Related Posts
Swiss Crypto Finance App Gains Nationally Recognized AML License
Cryptocurrency-focused personal finance app Aximetria has gained a financial standards license recognized by Swiss regulators. In a press release provided to Cointelegraph July 29, Aximetria, which is based in the country, said the Swiss Financial Services Standards Association (VQF) license would allow it to function as a crypto intermediary and streamline its onboarding process. The VQF license is approved by Switzerland’s overarching finance regulator, the Financial Market Supervisory Authority (FINMA). An award means the holder carries out activities in compliance with the organization’s anti-money laundering (AML) and Know-your-Customer (KYC) rules. “The Swiss license is of vital importance to Aximetria and …
Bitcoin Regulation / July 29, 2019
Growth of Crypto Industry Could Threaten Banks, Financial Stability: Basel Committee
International banking authority the Basel Committee on Banking Supervision (BCBS) has issued a warning statement on crypto assets on March 13. The BCBS is a committee of banking supervisory authorities hosted and supported by the Switzerland-based Bank for International Settlements (BIS) — an organization made up of 60 of the world’s central banks In today’s statement, the committee warned that the robust growth of the crypto industry could potentially “raise financial stability concerns and increase risks faced by banks.” The committee noted the risks were present despite the crypto market’s currently small scale in relation to the scope of the …
Bitcoin Regulation / March 13, 2019
Swiss Financial Association Publishes Anti-Money Laundering Standards for Digital Assets
The Switzerland-based Capital Markets and Technology Association (CMTA) has published new anti-money-laundering (AML) standards for digital assets and distributed ledger technologies (DLT) Oct. 18. CMTA is a non-profit, independent association established in Geneva earlier this year with the aim of promoting the adoption of DLT, such as blockchain, and digital assets in the financial markets. Its creation was a joint initiative from online bank Swissquote, market software provider Temenos, and the country’s largest law firm Lenz & Staehelin. According to CMTA, the newly-published standards are designed to “clarify [...] measures to be taken in order to comply with the Swiss …
Bitcoin Regulation / Oct. 23, 2018
Auditor KPMG Says Regulators Need ‘Up-to-Date’ Standards for Money Laundering in Crypto
Major global auditing and consulting firm KPMG has published a study focused on financial crime in Switzerland, with a section on cryptocurrency’s role, Cointelegraph auf Deutsch reported June 28. KPMG devotes a section of their study to the role of cryptocurrency in money laundering and financial crime, illustrating methods used to launder money via digital currency. In the text addressed to financial institutions, KPMG also lays out tips on how to tackle the phenomenon. According to KPMG, money laundering can be accomplished by buying cryptocurrency at an exchange or by cash or debit card at cryptocurrency ATM using the services …
Bitcoin Regulation / June 29, 2018
UK: New Report Warns Over ‘Bad’ Government Cryptocurrency Regulation
U.K. businesses and analysts have hit back at government plans to regulate cryptocurrencies and related technology, describing them as a “blunt instrument approach,” British daily news outlet the Telegraph reported Monday, Oct. 29. Calls to step up the level of power the country’s finance regulator, the Financial Conduct Authority (FCA), has over cryptocurrency — which Cointelegraph reported on in September — allegedly focus on consumer protection and anti-money laundering (AML) policy. Now, a joint report from the British Business Federation Authority (BBFA), venture capital fund Novum Insights, and fintech expert Hazem Danny Al Nakib has urged caution about overly far-reaching …
Bitcoin Regulation / Oct. 29, 2018