The Swiss Financial Services Standards Association (VQF) has issued a license to Aximetria, giving them the authority to be able to offer both Fiat and cryptocurrencies. Aximetria will offer these services through its personal finance app.
By receiving this license, Aximetria becomes fully compliant according to the anti-money laundering laws in Switzerland. It also ensures that the company will remain operational as a digital currency financial intermediary.
While originally set up by a Russian entrepreneur, Aximetria has been headquartered in Switzerland. This allows it to be able to buy, sell, and transfer both Fiat and cryptocurrencies, as well as tokens and stablecoins. They have also developed a new biometric voice authentication system that allows for private authorization that does not require keys. This is great for those who are using mobile apps to conduct banking transactions.
Explained Alexey Ermakov, the founder and CEO of Aximetria:
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.
Obtaining a license from the Swiss regulatory agency is a big deal, and it isn’t easy. In March, they shut down Envion AG’s operations after declaring that the company was operating illegally. This came as a result of their $90 million initial point offering. The VQF determined that Envion had obtained funds from 37,000 investors illegally without acquiring the proper license first.
It is also hoped that by continuing to meet the regulatory compliance, it will allow them to continue to grow and aid in the financial market. The company stated that one of their goals is the “continued development and maturity of the digital cryptocurrency finance market.”
Having this license helps Aximetria to avoid any kind of legal troubles, but they must also ensure that they meet several rules and guidelines. This includes conducting audits, as well as being monitored by the regulating agency.
In a statement, Aximetria explained that they seek to provide “Swiss-level” financial services to their customers across several continents, including Asia, Africa, Europe, and throughout Latin America. This means providing financial services to those who find it difficult to open an account in traditional banks. They have recently launched their app in Portugal and Spain, and expect to expand throughout all of Latin America.
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