Copper, a digital asset custody provider, announced that its Swiss unit was approved to join the country’s Financial Services Standard Association. This self-regulatory organisation is recognized by the Financial Market Supervisory Authority (FINMA), the Swiss regulator.
It is known as VQF in German and gives approval to the compliance of the London-based company with Switzerland’s anti money laundering laws. Copper is granted the approvals necessary to run the unit by being a member of VQF, according to a spokesperson.
This recognition is in contrast to the company’s London experience, which 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.