Blockchain startup Smart Valor has gotten the green light from the country’s regulators to function in the local financial market.

This is according to a report first seen on Reuters.

The local Financial Services Standards Association (VQF) rather than the national regulatory agency, the Financial Market Supervisory Authority (FINMA), would oversee smart Valor. The VQF is sanctioned by FINMA to monitor anti-money laundering (AML) compliance.

Status as a regulator-approved financial intermediary would reportedly give Smart Valor even more credibility, as it would be actively handled for AML compliance. However, it remained vague whether other blockchain-related firms in the country have also won approval as financial intermediaries.

Smart Valor plans to introduce an online platform for alternate investments, including cryptocurrencies, later this year. The company is also applying for a banking license, which the firm hopes would let it offer securities investments early next year.

Smart Valor founder Olga Feldmeier was quoted as saying that tokenization is going to alter the way people approach investing:

“Tokenization transforms the way people own things, improves liquidity, and makes these investment opportunities accessible to a broader audience of investors.”

Switzerland is one of several countries that are actively correcting and making legislation to welcome blockchain projects. The country is home to a world-famous Crypto Valley located in the canton of Zug.

Smart Valor was established in 2017 by Olga Feldmeier who had previously worked for China-based Bitcoin wallet Xapo. Feldmeier founded the firm in a bid to interrupt the Swiss banking system.



Posted from my blog with SteemPress : http://www.cryptalnews.com/smart-valor-approval-regulator-banking-license-2019/