Swiss cryptocurrency payments firm Utrust has obtained the go-ahead to join the Financial Services Standards Association (VQF).
A self-regulatory body, VQF is supervised by Financial Market Supervisory Authority (FINMA).
UTRUST enables merchants to accept digital currencies and facilitates crypto-to-fiat conversions instantly.
The latest decision will support Utrust’s operation as a financial intermediary.
The move is said to streamline the firm’s process of onboarding merchants and customers while facilitating its operation as a digital payments technology provider.
As a VQF member, UTRUST will be audited on a regular basis.
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Moreover, the firm’s on-boarding, KYB, as well as AML compliance processes will be checked thoroughly.
According to UTRUST co-founder and CEO Nuno Correia, the membership offers credibility to the firm’s operational model and to the broader blockchain ecosystem.
Correia noted: “Although the ecosystem is decentralised at its core, for companies to prosper and grow, engage with other companies in the mass market and expand its operations, we believe that regulation is imperative.
“Time has shown us that unregulated companies are not conducive to a prosperous ecosystem, as they allow bad actors to have an undue influence on the market.
“We are proud to be a member of VQF, and look forward to UTRUST being part of the journey to mass adoption.”