UTRUST Gets Thumbs Up From FSSA, to Serve as “Financial Intermediary” Under Swiss’ AML Act

    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.

    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.”

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    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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