In what promises to be a huge boost for cryptocurrency adoption, Swiss startup UTRUST has been granted membership of the VQF, a regulatory body that will allow it to act as a financial intermediary.
The Verein zur Qualitätssicherung von Finanzdienstleistungen (VQF) translates to Quality Assurance of Financial Services and is a self-regulatory organization (SRO) backed by Switzerland’s Financial Market Supervisory Advisory (FINMA). Early last year, FINMA released an 11-page publication outlining guidelines pertaining to the conduct of initial coin offerings (ICO) in the country. The report provided clarification on regulatory matters regarding ICO’s, of which there were none at the time.
Boost for crypto adoption
The membership represents a huge step towards growing cryptocurrency adoption within Europe and eventually, further afield. The UTRUST system is revolutionary in its ability to provide merchants and retailers with a simple and affordable method of accepting cryptocurrency payments. It provides a highly secure platform that greatly reduces common risks associated with cryptocurrency, like fraud and volatility.
The added trust provided by regulatory approval, coupled with UTRUST’s comprehensive buyer protection, will give retailers complete peace of mind when implementing the system.
“Securing this SRO membership gives further credibility to UTRUST, our operational model and to the blockchain ecosystem as a whole,” said UTRUST CEO and co-founder Nuno Correia. “This sets a new standard for blockchain companies and sends a strong message that this technology is here to stay.”
Crypto Valley
The canton of Zug in Switzerland has long been lauded as one of the frontrunners of blockchain and cryptocurrency adoption and as such as attracted the nickname “Crypto Valley”. It is host to hundreds of blockchain and crypto startups due to its positive and welcoming regulatory approach. Switzerland’s long history of financial innovation and the professional nature of both local businesses and government entities makes it a perfect incubator for growth within the fintech industry.
Earlier this year, Crypto Valley Labs released its annual list of Top 50 Blockchain Companies at the World Economic Forum in Davos, Switzerland. Amongst the famous names were four crypto ‘unicorns’ – companies worth over $1 billion – including Ethereum, Bitmain, Dfinity, and Cardano.
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