Smart Valor, a blockchain company in Switzerland has recently been given the approval from the country’s regulators to function in the local financial market.
Instead of the Financial Market Supervisory Authority (FINMA) regulating the Swiss blockchain company, they will instead be regulated by the local Financial Services Standards Association (VQF). FINMA authorises VQF in order to check anti-money laundering compliance.
This new-found approval by regulators will give Smart Valor a better reputation and more credit since it will constantly be examined for AML compliance. But it wasn’t clear on if the other blockchain businesses in the country got approval as financial intermediaries too.
The VQF and FINMA didn’t comment on the matter.
Sources have suggested that Smart Valor aims to launch an online platform for different investments in the end of this year. The Swiss company has also applied for a banking license which will hopefully allow them to offer security investments in the early months of next year.
Olga Feldmeier, the founder of Smart Valor, said that tokenisation will change how people invest, saying:
“Tokenisation transforms the way people own things, improves liquidity, and makes these investment opportunities accessible to a broader audience of investors.”
There are multiple countries which are constantly evolving and bringing in new blockchain projects and Switzerland is just one of them.
In 2017, Feldermeier founded Smart Valor whereas she had previously worked for Xapo, which is a Bitcoin wallet based in China.
Feldermeier aimed to disrupt the banking system in Switzerland by creating the blockchain company.