Swiss blockchain startup Smart Valor gains regulator’s approval
According to Reuters, Swiss startup Smart Valor is only among the few blockchain groups that has won approval from the country’s regulators to operate in the local financial market. This development has opened the way for the company to launch its own investment platform later this year.
Founded in 2017, Smart Valor will not be directly governed by the national regulatory authority, the Financial Market Supervisory Authority (FINMA) but by an association called VQF, a self-regulatory organisation approved by FINMA to check anti-money laundering compliance.
While new startups are making great headway in gaining approval from FINMA, the situation is still very hazy. There are many groups running their own cryptocurrency and blockchain platforms which still don’t come under the purview of financial supervision rules, thus increasing the confusion.
The home of blockchain projects
Switzerland has now become the hub of virtual currency projects and is among several countries who are actively seeking ways in an attempt to welcome blockchain projects. But the lack of clarity on part of the government over regulatory checks has made national banks a bit uneasy.
This new status as a regulator-approved financial intermediary is bound to give Smart Valor more credibility.
According to Reuters, Smart Valor plans to launch an online platform for alternative investments, including cryptocurrencies, in the fourth quarter of 2018. The company is also applying for a banking license, which the firm hopes will allow it to offer securities investments in the first half of 2019.
Smart Valor founder Olga Feldmeier told Reuters:
“Tokenization transforms the way people own things, improves liquidity, and makes these investment opportunities accessible to a broader audience of investors.”
In early July, a little-known district of Zug in Switzerland conducted a pilot on the Ethereum blockchain. The technology was used to conduct a mock election phase. Local companies aided the Zug government in using blockchain technology for local online voting system.
Image via Shutterstock
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