Belgian Market Maker KeyRock Receives Regulatory Approval from Swiss Financial Services Standards Association

2:03 pm
September 26, 2023

KeyRock, a Belgian crypto market maker, has obtained compliance clearance from the Swiss Financial Services Standards Association (VQF), a government-approved financial standards body. The approval signifies KeyRock’s adherence to the Swiss Anti-Money Laundering Act (AMLA) regulation and paves the way for the company’s expansion efforts. KeyRock plans to expand its over-the-counter (OTC) services globally, introducing new fiat currencies such as GBP and AUD.

KeyRock Expands OTC Desk

By gaining compliance with AMLA guidelines, KeyRock not only ensures its alignment with anti-money laundering regulations but also establishes a solid foundation for future growth. Kevin de Patoul, the CEO of KeyRock, emphasized the importance of upholding rigorous regulatory standards within the crypto space and building trust with customers. The VQF approval enables KeyRock to broaden its OTC services to more than ten additional currencies, including GBP and AUD, on top of its existing USD and Euro offerings.

Frequently Asked Questions (FAQ)

What is KeyRock?

KeyRock is a Belgian crypto market maker that provides liquidity solutions for the digital asset industry.

What is the Swiss Financial Services Standards Association (VQF)?

The Swiss Financial Services Standards Association (VQF) is a government-approved financial standards body that regulates and supervises financial intermediaries in Switzerland. It ensures compliance with anti-money laundering and counter-terrorism financing regulations.

What is the Swiss Anti-Money Laundering Act (AMLA) regulation?

The Swiss Anti-Money Laundering Act (AMLA) is a regulatory framework in Switzerland designed to prevent money laundering and the financing of terrorism. It requires financial intermediaries, including crypto market makers like KeyRock, to implement robust compliance measures.

What are OTC services?

OTC (Over-the-Counter) services refer to trading activities that occur directly between two parties without the need for a centralized exchange. OTC desks facilitate large trades of cryptocurrencies and fiat currencies, providing liquidity and tailored services to institutional investors and high-net-worth individuals.

What does this regulatory approval mean for KeyRock?

The regulatory approval from the Swiss Financial Services Standards Association (VQF) affirms KeyRock’s commitment to regulatory compliance and trust within the crypto industry. It allows KeyRock to expand its OTC services globally, offering support for additional fiat currencies and strengthening its position as a market maker.

Which fiat currencies will KeyRock support following this expansion?

As part of its expansion, KeyRock plans to introduce more than ten fiat currencies, including GBP and AUD, alongside its existing USD and Euro offerings.

What other companies have received regulatory clearance from the Swiss Financial Services Standards Association (VQF)?

The Swiss Financial Services Standards Association (VQF) has previously granted regulatory clearance to crypto startup Bitcoin Suisse and custodian BitGo.

What is the significance of this approval for KeyRock’s growth?

The approval from the Swiss Financial Services Standards Association (VQF) opens up new opportunities for KeyRock to expand its OTC services globally and attract a wider range of clients. By supporting multiple fiat currencies, KeyRock aims to increase liquidity and enhance its market presence.

Summary

Belgian crypto market maker KeyRock has secured regulatory approval from the Swiss Financial Services Standards Association (VQF), signifying compliance with the Swiss Anti-Money Laundering Act (AMLA) regulation. This approval allows KeyRock to expand its over-the-counter (OTC) services globally, introducing new fiat currencies such as GBP and AUD to its platform. With a focus on maintaining regulatory compliance and trust, KeyRock aims to solidify its position as a market leader in the digital asset industry.

Sources:
– https://coinjournal.net/belgian-market-maker-keyrock-gains-swiss-regulatory-approval/
– https://www.vqf.ch/home


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