Swiss-based Damoon Technologies, owned by Singaporean investor and former parliamentarian Calvin Cheng, has been granted membership in the Swiss Financial Services Standard Association (VQF), which is officially recognised by Fimna, the Swiss finance regulator.
Damoon Technologies is building a platform for users to engage in crypto-to-fiat payments and vice versa, as well as a digital assets custody service. The company said it is well-positioned to serve demanding clients, as it brings a combination of efficiency, security, and regulatory clarity.
The membership marks a major step forward for Damoon, as it opens the door for the company to establish a presence in Switzerland, Damoon said in an announcement on Friday.
The membership also means that Damoon has to comply with Swiss anti-money laundering regulations.
VQF is the largest and oldest cross-industry self-regulatory organization in Switzerland and is officially recognized by Finma, the country's financial services watchdog. Damoon's membership in the VQF is a clear indication of the company's commitment to following industry standards and best practices, Damoon said.
Building in Switzerland
"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.
Recently, Damoon also joined the Crypto Valley Association in Zug. The company is currently in the process of building its compliance and operational team in Zurich and Zug, Switzerland, with operations expected to start by the end of Q2 2023.
Last year, Cheng's Web3 Holdings FZE was awarded a provisional Virtual Asset License by VARA in Dubai, United Arab Emirates. The license promotes greater customer assurance and risk protection, much like Damoon's membership in the Swiss VQF.
Related: Even Singapore Ex-MPs are Getting Virtual Asset Licenses in Dubai