Crypto Businesses Now Comprise 7% of the Swiss Financial Services Standards Association
The crypto industry is certainly growing a lot in Switzerland right now. Do you want a big proof of this? The Swiss Financial Services Standards Association, known also as VQF, currently has 7% of its members being members of the blockchain market.
VQF is the oldest cross-industry self-regulatory organization of the country and it has seen a huge spike upward in blockchain companies in the last year.
According to one of the co-CEOs of the organization, a man named Simon Waelti, the organization already has 88 blockchain-related members. He also affirmed that the figure may vary during the year as it is possible that other companies will also get interested in becoming a part of the traditional Swiss group.
The official mission of the cross-industry organization is to fight money laundering and to prevent terrorism financing in the country. The organization is supervised by The Swiss Financial Market Authority (FINMA), though, so it is not completely free and without regulation, despite providing its own self-regulatory power.
88 Companies Joined VQF, Bitcoin Suisse Was The First
From all the companies that joined the cross-industry organization, Bitcoin Suisse was the first one. The regulated crypto broker is based in Zug and it first entered the organization back in 2014. At the time, most of the companies which are a part of the VQF today did not even exist.
Bitcoin Suisse is also a member of the Crypto Valley Association and it is turning into one of the most important companies of the country in the crypto trading area. Recently, the company has decided to supply with the FINMA for a securities dealer license in order to offer more regulated products.
The number of companies which are related to the organization is linked to the rise of the blockchain Swiss market. With the help of the local regulation, Switzerland is becoming an important place for cryptos and a beacon of light for investors who are looking for a stable country that has a pro-blockchain regulation.
Because of this, the percentage of companies from this sector to be a part of the VQF is probably going to grow a lot in the next couple of years.