Smart Valor, Swiss Blockchain Startup, Gains Cryptocurrency Approval

According to the news from https://www.bitkub.com/ :

Several financial institutions around the world have been on the move to digitize its domestic currencies to smoothen economic activities. In a report last month, an eastern province of South Korea, Gyeongsang, issues its own cryptocurrency to replace local currencies. The idea was that the establishment would enable trading and payments to be conducted easily among traders.

In a recent report, Smart Valor, a Swiss startup, has been approved by the country’s cryptocurrency regulatory organization to establish its operation.

In the report, Smart Valor will be expected to be regulated by the country’s local Financial Services Standards Association (VQF) to monitor its monetary activities and anti-money laundering compliance. However, for Smart Valor to operate legally in the country, VQF must approve, which it has successfully achieved.

Although, it is yet to be known whether other blockchain companies in the country have gained the approval by the VQF, however, the approval of Smart Valor as financial intermediary will reportedly boost Smart Valor’s status among other blockchain startups, especially the supervision for anti-money laundering compliance. The supervision will increase the credibility of of the company, according to the report.

Smart Valor aims at establishing an online platform to ease businesses by the end of 2018, according to Reuters. Coupled with other plans to standardize its financial services, Smart Valor also plans to obtain banking license that will enable it to offer securities investments which is expected to be achieved early 2019. It is clearly that Smart Valor has been planning these projects for awhile.

Following the recent development, Olga Feldmeier, the founder of Smart Valor stated that

“Tokenization transforms the way people own things, improves liquidity, and makes these investment opportunities accessible to a broader audience of investors,”

She told Reuters on September 5. Regarding the authorization to gain banking licenses, Smart Valor expects to “expand its offering to asset-backed tokens, such as equity in blockchain companies, blockchain-related infrastructure projects, real estate, crypto funds, venture capital, and private equity funds.”

By gaining the approval, the group believes that Smart Valor will advance Swiss financial institutions system.

https://medium.com/bitkub/smart-valor-swiss-blockchain-startup-gains-cryptocurrency-approval-e3f567437ab3

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