Crypto-Industry is growing at a good rate in Switzerland right now. Switzerland's leading crypto-industry self-regulatory Organization has seen an increase in the number of members joining the cryptocurrency and blockchain industry.
The Swiss Financial Services Standards Association (VQF), which is the oldest and biggest SRO in the country, stated that 7% of the members are associated with the crypto-related businesses, Financial news outlet Finnews reported on August 2.
Simon Waelti, one of the Co-CEOs of the Organization, 88 members in the VQF are associated with crypto so far. He also said that the number might vary during the year as more and more companies may show their interest in joining the traditional Swiss group.
The main purpose of VQF is to fight against money laundering and the prevention of terrorism financing in the financial sector. As mentioned on its official website, the VQF SFO is officially recognized, controlled and supervised by the Swiss Financial Market Supervisory Authority (FINMA), due to this, the supervision system is considered as controlled self-regulation.
88 Firms have joined Financial Services Standards Association (VQF), Bitcoin Suisse was the first
From various companies that have been part of the cross-industry Organization, Bitcoin Suisse was the first one. The Crypto financial services provider is located in Zug and initially joined the Organization in 2014. At present, most of the firms which are not associated with VQF didn't even exist back in 2014.
Bitcoin Suisse, which is also a member of the Crypto Valley Association, is turning to become one of the most valuable firms in the country in terms of crypto trading area. Lately, the firm has also applied for the banking and securities dealer licenses from the FINMA to provide more regulated products.
All the firms which are associated with the Organization contribute a lot to the blockchain Swiss market. With the support of local regulation, Switzerland is becoming an essential place for cryptos and ray of hope for investors who are looking for a stable country which has a pro-blockchain regulation.