Digital asset provider Copper announced that its Swiss branch has received approval to join the country's Financial Services Standard Association, a self-regulatory organization recognized by Swiss regulator the Financial Market Supervisory Authority (FINMA).
The association, known by the acronym VQF, certifies the London-based company's compliance with Swiss anti-money laundering laws, it said in an e-mailed statement Monday. Membership in the VQF gives Copper the necessary approvals to operate the unit, a company spokesman said.
The recognition contrasts with the company's experience in London, where it remains under the Financial Conduct Authority's provisional registration regime. It is one of five firms still operating under that regime, which was set up to allow firms without full authorization to continue operating in the country.
"Switzerland, as a pioneering location for digital assets, provides an ideal starting point to expand our presence in mainland Europe," Dmitry Tokarev, CEO of Copper, said in the email.