Search ForexCrunch
  • Aximetria becomes one of the very few crypto-related firms to be approved by the Swiss financial market.
  • This approval will give Aximetria more credibility as it will effectively be AML compliant.

Aximetria, a Fintech start-up, has been approved to operate in the Swiss financial market. The company, being one of the very few crypto firms to win the approval, is on the way to introduce its crypto-financial intermediary under the Swiss AML Act.  

The company will be supervised through an association called VQF rather than the Financial Market Supervisory Authority (FINMA). VQF is a self-regulatory organization that’s approved by the FINMA to monitor anti-money laundering regulation.  

Aximetria enables users to buy, sell or transfer currency in fiat, crypto and stablecoins. To allow private keyless authorization of mobile banking transactions, the company has also developed a biometric voice authentication technology.  

Founder and CEO of Aximetria, Alexey Ermakov stated that he chose the country after the Swiss regulator became one of the pioneers to introduce the initial regulatory framework around crypto. He said:  

“Compared to the EMI (Electronic Money Institution) license, which is the most popular regulation standard for European and British companies, the Swiss license is much more desirable for a fintech company. This is because it also extends to crypto laws in Switzerland and gives us a wide range of future business development, including loans, FX, e-money accounts and salary projects.”

This latest approval will give Aximetria more credibility as it will be supervised for AML compliance. The license will also be streamlining the processing of new users into its ecosystem. Switzerland is one of the few countries to welcome blockchain projects by adjusting and creating legislation.