Crypto payment gateway, UTRUST has recently attained a new milestone. On Friday, May 10, the team at UTRUST announced that they have been officially approved as a member of the VQF or Financial Services Standards Association. This is big news, as the latter has been approved by Switzerland’s Financial Markets Regulator, FINMA.
— UTRUST (@UTRUST) May 10, 2019
Another reason why this is big news is because it could potentially help UTRUST become a “fully operational company.” Said approval, (depending on how firms view it) also means stricter rules, where selected firms can undergo audits, AML mechanisms’ assessment and ongoing monitoring sessions.
So, what does this mean for UTRUST? As per the claims made, UTRUST can now serve as a “financial intermediary” under the Swiss AML (Anti Money Laundering) Act. In addition, the firm will be responsible for introducing new members, i.e. “merchants and customers into its ecosystem.”
Co-Founder and CEO of UTRUST, Nuno Correia has since expressed gratitude in the approval, adding that the it means higher standards set for blockchain firms. In particular, Correia shared:
“Securing this SRO membership gives further credibility to UTRUST, our operational model and to the blockchain ecosystem as a whole. This sets a new standard for blockchain companies and sends a strong message that this technology is here to stay.”
Correia also believes that regulation is essential despite the emphasis placed on decentralization, highlighting that,
“For companies to prosper and grow, engage with other companies in the mass market and expand its operations, we believe that regulation is imperative […] We are proud to be a member of VQF, and look forward to UTRUST being a part of the journey to mass adoption.”