Smart Valor Gets Regulatory Approval and Seeks a Banking License
Smart Valor has become one of the few blockchain enterprises to gain approval from the Swiss authorities to conduct business on the local financial market. This news means that the company is able to take the first step towards creating its own investment platform later in 2018.
The responsible authority for Smart Valor will be VQF which falls under the jurisdiction of FINMA (Financial Services Standards Association). After considerable deliberation, the Swiss Financial Market Supervisory Authority acknowledged VQF for its money laundering compliance and AML measures.
Credibility for Smart Valor
Being included in the financial market will ostensibly give more credibility to Smart Valor as no other information from FINMA or VQF has been given according to similar blockchain companies in the country.
Smart Valor will open availability for alternative investments such as crypto, during the last quarter of 2018 as well whilst applying for a banking license which will offer security for investments at the beginning of 2019.
Tokenisation will change people’s approach to investing
Olga Feldmeier, founder of Smart Valor previously worked for Bitcoin wallet Xapo, and the platform was founded with the purpose of disrupting the Swiss banking system. Olga expressed that tokenisation will transform ownership and will offer accessibility for a bigger number of investors.
Zug remains home for the Crypto Valley
Switzerland is home to several companies working with blockchain projects, many of which are based in Zug, otherwise known as “Crypto Valley”. Earlier in the summer, blockchain companies located in Zug were a part of a trial to test online blockchain-based voting which gave 72 out of 240 citizens access to the system.
This news is an important step forward for the Swiss blockchain industry as a lack of regulatory certainty has made many local banks feel uneasy. Regulation by VQF with ultimate supervision from FINMA is a significant vote of confidence in the fledgling blockchain sector.