Today Eidoo, the multi crypto wallet and hybrid exchange application announced that it’s one of the first crypto companies to have been awarded the Financial Services Standards Association (VQF) license, thanks to its Know Your Customer (KYC) process that it insists on for its ICO participants and exchange users. The news comes on the same day that Europe has introduced a law about customer verification on exchanges.
The European Parliament voted in favor of stricter regulations in the crypto sector and now crypto exchanges and wallet providers will be required to introduce customer due diligence procedures, including identity verification. The platforms will have to apply for registration in order to offer their services.
Alongside the EU announcement, Eidoo officially confirmed it has been granted the VQF license. This is huge recognition and an enormous step forward for the company, which has over the last 6 months steadily grown its user base to over 250,000, generated over $200 million for companies hosting ICOs on its ICO Engine platform and recently hired 4 top-level execs from KPMG (including Lars Schlichting who was a Partner).
The VQF license is an important step forward in the development of the Eidoo Hybrid Exchange, as the company is recognized as fully compliant with the Swiss Anti Money Laundering Legislation. The VQF has the function of an official, FINMA-recognized Self-Regulatory Organisation (SRO) under the Anti-Money Laundering Act (AMLA) since 1998.
Additionally, it acts as an Industry Organisation for Asset Managers (BOVV) with professional rules of conduct officially recognized by FINMA, thus contributing towards protecting and strengthening the interests of financial intermediaries and investors.
Members of the VQF include financial intermediaries from the para-banking sector, including independent asset managers, trust companies, providers of collective capital investment schemes, and more.
Eidoo’s Director, Thomas Bertani, said:
“We are thrilled to have obtained such a landmark accreditation. The VQF license is solid proof that the hard work and dedication of our team to create a respected and regulated hybrid exchange and connected services for the cryptocurrency community has paid off.”
“The European Commission is leading the way in the regulation and control of the crypto market and Eidoo stands shoulder to shoulder with the mission to provide a safe and transparent cryptocurrency market. The license also stands the company in good stead for the imminent launch of our anticipated hybrid exchange, being already licensed by the anti-money laundering body.”