Personal Crypto Finance App Aximetria Gets License From Swiss Regulator VQF
Aximetria is offering a new app for its clients, a personal finance application that is focused on crypto as well as fiat. Now, the company has just received a license from the Swiss Financial Services Standards Association.
According to Coindesk, which reported on this story, the company was officially recognized by the local Financial Market Supervisory Authority (FINMA). This means that the product offered by Aximetria is fully compliant with the laws from the country. Because of this, the company can now start its own crypto operations without depending on other intermediaries.
The organizations are responsible for dealing with money laundering in the country and terrorism financing. Because of this, they only give the license to companies that have proven that they will not facilitate any kind of illegal activity.
Aximetria’s CEO Alexey Ermakov has affirmed that the Swiss license is one of the most desirable licenses for a fintech company. According to him, this is because Switzerland is a country with several businesses. This gives the company access to a whole world that includes money loans, forex trading, e-money and much more.
The app created by the company will somewhat similar to TransferWise. The main difference is that it will let people use crypto instead of fiat in order to make international payments. There are three fiat currencies supported right now: the dollar (USD), euro (EUR) and the Japanese yen (JPY), as well as many different cryptos (including most of the popular ones).
In order to be a client of the company, someone needs to pass a rigorous Know Your Customer (KYC) procure first. If the person is not whitelisted, it cannot send or receive any token at all.
Now that the company is regulated, the work is just beginning. According to the CEO, now is the time to upgrade several processes in order to boost compliance and continue to offer great services for the clients. This could enable the company to score a fintech license in the future.
Ermakov also affirmed that the company was started with a sandbox model and then they started to find the business model that could perfectly fit the needs of the company. The company believes that being compliant with regulation is the best step to continue growing without problems.
He also talked about how getting the Swiss license was ideal in order to reach more European customers and affirmed that the company is also focusing on other continents such as Latin America, Asia, and Africa.
For instance, the app of the company was recently launched in Portuguese and Spanish in order to cater to countries in Latin America such as Brazil and Argentina.