27th April 2018 – Lugano, Switzerland: Eidoo, the multicurrency wallet and hybrid exchange for cryptocurrency assets has today announced that it is one of the first crypto companies to be awarded the Financial Services Standards Association (VQF) license, thanks to its Know Your Customer (KYC) process requested for ICO participants and for exchange users. This KYC greatly aids and respects Anti-money Laundering Legislation.
As the European commission seeks to crack down on money laundering in the cryptocurrency space, widely seen as leading the world with regulation in the space, Eidoo is perfectly positioned to respect the new legislation now coming into force, having already been granted the VQF license thanks to its stringent KYC approach with its ICO Engine platform.
The European Parliament amendments are related to cryptocurrency trading platforms and custodian wallet providers. Eidoo is not a custodian but HD wallet as users have access to their own private key, so the KYC is needed only for Eidoo’s ICO Engine and hybrid exchange.
The VQF license is an important step forward in the development of the Eidoo Hybrid Exchange, as the company is recognised as fully compliant with the Swiss Anti Money Laundering Legislation.
The VQF has the function of an official, FINMA-recognized Self-Regulatory Organisation (SRO) under the Anti-Money Laundering Act (AMLA) since 1998.
Additionally, it acts as an Industry Organisation for Asset Managers (BOVV) with professional rules of conduct officially recognized by FINMA, thus contributing towards protecting and strengthening the interests of financial intermediaries and investors.
Members of the VQF include financial intermediaries from the para-banking sector, including independent asset managers, trust companies, providers of collective capital investment schemes, and more.
Eidoo’s Director, Thomas Bertani, said:
“We are thrilled to have obtained such a landmark accreditation. The VQF license is solid proof that the hard work and dedication of our team to create a respected and regulated hybrid exchange and connected services for the cryptocurrency community has paid off. The European Commission is leading the way in the regulation and control of the crypto market and Eidoo stands shoulder to shoulder with the mission to provide a safe and transparent cryptocurrency market.”
He concluded, “The license also stands the company in good stead for the imminent launch of our anticipated hybrid exchange, being already licensed by the anti-money laundering body.”