Copper's Swiss Unit Approved to Join Self-Regulatory Body VQF

Membership gives a stamp of approval to its compliance with Switzerland's anti-money laundering laws and allows the unit to operate.

AccessTimeIconMay 30, 2022 at 3:37 p.m. UTC
Updated May 11, 2023 at 6:16 p.m. UTC

Digital asset custody provider Copper said its Swiss unit received approval to join the country's Financial Services Standard Association, a self-regulatory organization recognized by the Swiss regulator, the Financial Market Supervisory Authority (FINMA).

The association, known by its German initials VQF, gives a stamp of approval to the London-based company's compliance with Switzerland's anti-money laundering laws, it said by email on Monday. Membership of VQF gives Copper the necessary approvals to operate the unit, a spokesperson for the company said.

The recognition contrasts with the company's experience in London, where it remains under the Financial Conduct Authority's temporary registration regime. It is one of five companies still operating under the scheme, which was set up to allow companies without full authorization to continue to operate in the country.

"Switzerland, as a pioneer location for digital assets, provides an ideal foothold from which to grow our mainland European presence," Copper CEO Dmitry Tokarev said in the email.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.