Aximetria cryptocurrency investment application licensed in Switzerland

Aximetria, which offers a personal finance management application for fiat and cryptocurrency, has received a VQF license from the Swiss Financial Services Standardization Association.

VQF license that is recognized
The Swiss Financial Market Supervision Authority (FINMA) allows a company to state that its product is “fully compliant” with Swiss laws against money laundering. It also means that Aximetria can start as a cryptocurrency financial intermediary in accordance with the Swiss Money Laundering Act.

The Swiss Association for Standardization of Financial Services is a self-regulating organization, primarily responsible for the supervision of countering money laundering and the financing of terrorism by Swiss financial intermediaries. Founder and CEO of Aximetria, Alexey Ermakov, said:

“Compared with the EMI (license of the Institute of electronic money), which is the most popular regulatory standard for European and British companies, the Swiss license is much more desirable for the FINTECH company. It also applies to cryptocurrencies in Switzerland and gives us a wide range of future business development, including loans, foreign exchange transactions, electronic money accounts and payroll projects. ”

The Aximetria app offers exchange and international payments using the US dollar, euro and cryptocurrency, as well as a debit card with cryptocurrency support in some jurisdictions. The company’s clients must go through “strict” procedures (KYC) before buying or selling a currency.

A financial intermediary license means that Aximetria will have to comply with more rules and guidelines, including audits, compliance with AML requirements, special rules for hiring employees, KYC and KYB processes for users, which will be strictly controlled by the regulator on an ongoing basis. But this increases the prospects for obtaining Fintech licenses in the future.

“We started with the sandbox model, and then we explored all the options for getting a banking license. Finally, we found a business model that most accurately meets the project’s requirements: compliance with AML requirements, the ability to remotely register anywhere in the world, and other advantages, ”said Yermakov.

The company recently launched an application in Portuguese and Spanish to increase its user base in Brazil and Latin America.

In 2017, the corporate venture fund GPB Digital, owned by Gazprombank, invested
$ 120,000 to the Aximetria platform. Then it was noted that the project will work in Swiss jurisdiction in partnership with Gazprombank Switzerland.