• Aximetria becomes one of the very few crypto-related firms to be approved by the Swiss financial market.
  • This approval will give Aximetria more credibility as it will effectively be AML compliant.

Aximetria, a Fintech start-up, has been approved to operate in the Swiss financial market. The company, being one of the very few crypto firms to win the approval, is on the way to introduce its crypto-financial intermediary under the Swiss AML Act. 

The company will be supervised through an association called VQF rather than the Financial Market Supervisory Authority (FINMA). VQF is a self-regulatory organization that's approved by the FINMA to monitor anti-money laundering regulation. 

Aximetria enables users to buy, sell or transfer currency in fiat, crypto and stablecoins. To allow private keyless authorization of mobile banking transactions, the company has also developed a biometric voice authentication technology. 

Founder and CEO of Aximetria, Alexey Ermakov stated that he chose the country after the Swiss regulator became one of the pioneers to introduce the initial regulatory framework around crypto. 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."

This latest approval will give Aximetria more credibility as it will be supervised for AML compliance. The license will also be streamlining the processing of new users into its ecosystem. Switzerland is one of the few countries to welcome blockchain projects by adjusting and creating legislation. 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Chart Analysis: Symmetrical triangle breakout to power BTC/USD above $9700

BTC/USD has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels. 

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP