Switzerland’s Financial Services Standards Association Welcomes Surge of Crypto Members

Growing Numbers: A Shift in Membership

Switzerland’s Financial Services Standards Association (VQF) is experiencing a notable transformation, with 7% of its members now having ties to the cryptocurrency and blockchain sectors. This shift signifies mounting recognition within the traditional financial circles that cryptocurrency is not just a passing trend; it’s here to stay.

Meet the Members: 88 and Counting

As of now, the VQF boasts a remarkable 88 members who are connected to crypto-related businesses. Simon Waelti, co-CEO of the association, mentioned that this figure might fluctuate throughout the year as more players enter the ecosystem. This vibrant influx could mean a more dynamic conversation around regulations tailored to cryptocurrencies and blockchain technologies.

The Mission: Combating Financial Crime

The VQF’s primary role may sound a bit dry—it’s all about combating money laundering and preventing terrorist financing—but it’s a crucial aspect of keeping the financial world in check. The organization is not just a paper tiger; it is officially recognized and under the watchful eye of the Swiss Financial Market Supervisory Authority (FINMA). This regulatory backing gives crypto businesses a credible environment to operate within and encourages compliance and self-regulation.

Trailblazer: Bitcoin Suisse

The VQF’s entry into the crypto realm started with a pioneer—Bitcoin Suisse. This Zug-based company joined the association way back in 2014 and proudly claims the title of the first crypto company to do so. They haven’t just rested on their laurels; Bitcoin Suisse is currently seeking banking and securities dealer licenses from FINMA to stay ahead in this fast-paced digital landscape. Talk about keeping up with the Joneses—if the Joneses were all startups disrupting the financial system!

A New Dominos Effect: The Future for Crypto in Switzerland

As crypto continues to gain traction, the VQF is not just a passive observer; it is also stepping up its game. Recently, it granted a VQF license to Aximetria, a cryptocurrency personal finance app. With this move, the association demonstrates its commitment to fostering the crypto industry’s growth while ensuring they remain compliant with regulatory standards. The domino effect of these developments may influence other countries’ regulatory frameworks while encouraging innovation and security in the burgeoning crypto space.