Aximetria gets Swiss License for it's Crypto Payments App

Fintech developer Aximetria announced on Monday it had been granted a license from the Swiss Financial Services Standards Association. | Read Story on Adrypto

Aximetria gets Swiss License for it's Crypto Payments App
Alexey Ermakov, founder and chief executive of Aximetria

Fintech developer Aximetria announced on Monday it had been granted a license from the Swiss Financial Services Standards Association to act as a financial intermediary.  The company's main offering is personal banking app that enables transactions in both sovereign currencies and cryptoassets. The new license means the company can operate under full compliance with Switzerland's Anti-Money Laundering Act.

With an exclusive interview with CoinDesk, Alexey Ermakov, founder and chief executive of Aximetria, told the news outlet:

Compared to the EMI (Electronic Money Institution license), which is the most popular regulation standard for European and British companies, the Swiss license is much more desirable for a fintech company. This is because it also extends to crypto laws in Switzerland and gives us a wide range of future business development, including loans, FX, e-money accounts and salary projects.

Aximetria's app enables exchange and international payments using the dollar, the euro and cryptoassets. It also includes a crypto-enabled debit card for regulatory jurisdictions that allow it.

The company developed its app through the regulatory sandbox model that allows fintech developers to work closely with a country's financial regulator so both entities can help shape the legal framework in a way that neither smothers innovation, nor diminishes consumer protection.

Ermakov added:

Finally, we found the business model that most accurately met the project’s requisites: compliance with the AML requirements, the possibility of remote onboarding from anywhere in the world, and other benefits.

The company plans to offer its product and other services to customers across Europe, Africa, Asia and South America.

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