A former Singapore parliamentarian's digital asset firm has received regulatory approval to establish a presence in Switzerland.
Singapore investor and former parliamentarian Calvin Cheng's Swiss company, Damoon Technologies (Damoon), has been granted membership in the Swiss VQF, joining the ranks of some of the world's leading digital assets businesses, according to a media release on Friday.
The latest development officially opens the door for Damoon to establish a presence in Switzerland. The digital assets company is building a platform for users to engage in crypto-to-fiat payments and vice versa, as well as a digital assets custody service.
Comply with Swiss Anti-Money Laundering Regulations
VQF is the largest and oldest cross-industry self-regulatory organizations in Switzerland and is officially recognized by Finma, the country's financial services watchdog.
After obtaining approval for membership, Damoon must now comply with Swiss anti-money laundering regulations.
Starting Operations in Q2 2023
«I believe in the future of digital assets, but this has to be done in accordance with traditional finance's compliance standards. Switzerland is the pre-eminent global financial hub, and is the ideal place to base crypto-fiat-crypto financial services, as well as a trusted custodian,» Cheng said.
Currently, Damoon is in the process of building its compliance and operational team in Zurich and Zug. The company expects to start operations by the end of the third quarter of 2023.
License in Dubai
Earlier in 2022, Cheng's Web3 Holdings FZE was awarded the coveted provisional Virtual Asset License by VARA in Dubai, United Arab Emirates. The license granted similarly promotes greater customer assurance and risk protection.
Cheng was a former appointed member of Singapore's parliament and a Young Global Leader of the World Economic Forum.
