A Swiss company named Fenice Holding SA, doing business as Monetum has just been approved as a member of VQF (Financial Services Standards Association). VQF, also based in Switzerland, is the largest cross-industry Self-Regulatory Organization and is regulated and supervised by the Swiss FINMA (Financial Market Supervisory Authority) to supervise its members’ compliance with the Swiss Anti-Money Laundering laws.
What Becoming a Member of the Association Means for Monetum
As a new member of the Financial Services Standards Association, Monetum will be authorized to act as a Virtual Assets Services Provider, in full compliance with the country’s AML laws so as to prevent online criminals from using trading platforms and crypto wallets for laundering their funds, whether crypto or fiat.
As Monetum’s founder and acting chairman, Marco Lavanna, stated, the VQF membership will be of vital importance to Monetum, but also to its partners, customers, investors, and the industry itself. It also represents a crucial step in Monetum’s journey to becoming a fully operational firm.
Furthermore, this membership will open doors for the firm to continue to achieve its goal of bridging the gap between the traditional financial industry and its crypto counterpart.
The Necessity of Compliance
Monetum firmly considers compliance to be the key to the continued development and maturity of the cryptocurrency industry. This is why the company believes that it is imperative for the crypto industry, and all companies within it, to be compliant with all applicable regulations. Until properly regulated, the industry will not be able to take the next step in its development and evolution in this new, emerging financial market.
With those values guiding the company, Monetum is deeply committed to a safe and reliable financial service which will meet the highest financial security requirements as well as ensure top levels of customer protection.
As for Monetum’s own users, they are required to go through a rigorous onboarding process to become the firm’s customer.
Once the KYC process is complete, users will be able to easily trade crypto and/or fiat currencies with nothing standing in their way. Although the requirements may seem strict and firm, these will further strengthen Monetum’s role not only as a partner in the market, but also as a very trusted, reliable brand. Its users will also be able to benefit from fully licensed and regulated IBAN account via its fiat partner, and make any crypto-to-fiat or fiat-to-crypto transaction more easily.
Why Monetum is the Next Best Thing?
The web has plenty of different exchanges, but several ones are scams, not safe enough or too complicated. The crypto industry has not hit its maturity yet, it is a jungle and you must choose your provider carefully.
Monetum is an international fintech company under Fenice Holding SA. It is headquartered in Zug, Switzerland, and it aims to act as a bridge between the crypto and the traditional finance industry. The firm’s larger goal is to inspire people about money and the future of money. Essentially, the company believes that cryptocurrencies are not something that should be discouraged or openly banned.
Instead, it sees potential in digital currencies, as well as their underlying technology, which offers a lot of advanced and beneficial features on its own. Blockchain is well-known for its immutability, transparency, decentralization and other attributes that can help reduce corruption in the world, and allow a free but safe flow of information on a global level. Furthermore, it offers to eliminate unnecessary intermediaries, which will eventually leave more money for users themselves.