Swiss Blockchain Company Gains Regulator Approval, Seeks Banking License in 2019

Swiss blockchain startup Smart Valor has won approval from the country's regulators to operate in the local financial market, Reuters reported September 5.Smart Valor will be regulated by the local Financial Services Standards Association rather than the national regulatory agency, the Financial Market Supervisory Authority.

The VQF is authorized by FINMA to check anti-money laundering compliance.

Status as a regulator-approved financial intermediary will purportedly give Smart Valor more credibility, as it will be actively supervised for AML compliance.

It was not clear whether other blockchain-related companies in the country have won approval as financial intermediaries.

According to Reuters, Smart Valor plans to launch an online platform for alternative investments, including cryptocurrencies, in the fourth quarter of 2018.

Switzerland is among several countries who are actively adjusting and creating legislation to welcome blockchain projects.

As Cointelegraph previously reported, the country is home to a world-famous Crypto Valley located in the canton of Zug.In early July, local companies aided the Zug government in trialing blockchain technology in local online voting system.

The non-binding trial vote involved 72 out of 240 citizens with access to the online voting system.

Smart Valor was founded in 2017 by Olga Feldmeier who had previously worked for China-based Bitcoin wallet Xapo.

Feldmeier founded the firm in an effort to disrupt the Swiss banking system.