Former NMP Calvin Cheng’s digital asset firm receives Swiss regulatory approval
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Former NMP Calvin Cheng's Swiss digital asset firm, Damoon Technologies, was granted membership to the Financial Services Standard Association.
PHOTO: ST FILE
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SINGAPORE – Singaporean investor Calvin Cheng is expanding his global digital asset footprint, this time in Switzerland.
The former Nominated MP’s Swiss digital asset firm, Damoon Technologies, can now open its doors in Switzerland after it was granted membership to the country’s Financial Services Standard Association, also known as VQF.
The VQF is officially recognised by the Swiss Financial Market Supervisory Authority, or Finma, the country’s financial services watchdog.
The firm is now building a platform for users to engage in crypto-to-fiat payments and vice versa, as well as to provide a digital asset custody service.
The company, which is building up its compliance and operational team in Zurich and Zug, Switzerland, is expected to start operations at the end of the second quarter.
The approval will mean that the company must now comply with Swiss anti-money laundering regulations.
In May last year, Mr Cheng’s Web3 Holdings FZE was awarded the provisional virtual asset licence by Dubai’s Virtual Assets Regulatory Authority.
Mr Cheng said: “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.”
