Crypto Payment Platform UTRUST Receives Swiss Regulatory Approval

News, Regulation | May 13, 2019 By:

Crypto payment platform UTRUST has been approved to join the Financial Services Standards Association (VQF), a self-regulatory organization approved by Switzerland’s financial markets regulator, FINMA.

Based in Switzerland, UTRUST is a payments platform that empowers buyers to pay with cryptocurrencies while providing a purchase protection mechanism. The company’s platform aims to modernise the payments industry by eliminating the risk of fraud and market volatility for buyers and merchants alike. The solution provides comprehensive and first-of-its-kind buyer protection and instant crypto-to-fiat conversions.

The VQF membership will reportedly enable UTRUST to operate as a financial intermediary under the Swiss Anti-Money Laundering Act (AMLA). In addition to enabling UTRUST to begin operating as a digital payments technology provider, the membership will also streamline UTRUST’s process of onboarding merchants and customers into its ecosystem.

“Securing this SRO membership gives further credibility to UTRUST, our operational model and to the blockchain ecosystem as a whole,” said Nuno Correia, Co-Founder and CEO of UTRUST. “This sets a new standard for blockchain companies and sends a strong message that this technology is here to stay.”

As a recognized SRO member under VQF, UTRUST will be subject to a number of stringent rules and guidelines. These include rigorous audits, monitoring the company’s on-boarding and KYB (Know Your Business) processes for merchants and anti money laundering (AML) compliance mechanisms.

“Although the ecosystem is decentralized 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,” Correia said. “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.”