Crypto App Aximetria Obtains Swiss Intermediary License

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Crypto App Aximetria Obtains Swiss Intermediary License

August 2, 2019

Aximetria, a crypto-centric personal finance app was officially recognized by Switzerland’s Financial Market Supervisory Authority (FINMA) with a Swiss Financial Services Standards Association (VQF) license. The authorization by the responsible for the supervision of AML regulations in Switzerland reinforces Aximetria’s seriousness regarding the highest requirements of financial regulation.

The Swiss financial intermediary license enables Aximetria to announce that its product is fully compliant with the country’s anti-money laundering laws, thus protecting the ecosystem from cyber criminals who launder fiat and cryptocurrencies via trading platforms and online digital wallets. The registry subjects Aximetria to rigorous audits, AML compliance, on-boarding, KYC and KYB (Know-Your-Business) processes for users.

Aximetria has grown organically by 60%. The cost of attracting the user (CAC) is currently at USD $1.60, compared to the market average of $6.93, and conversion from installation to registration is inline with the market average of 27%.

The Swiss-based firm targets 4.5 billion of global consumers in Europe, Africa, Asia and Latin America, and will soon extend its services to B2B payments. Aximetria users are required to go through a remote verification process (KYC) after which they can buy or sell global currencies, as well as securely store and exchange other
currencies.

Alexey Ermakov, founder and CEO of Aximetria, commented: “The Swiss license is of vital importance to Aximetria and our customers, partners, investors and the industry at large, including the blockchain ecosystem. 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. I’m proud to have built a great team and a company based on strict Swiss financial principles, and the license signifies reaching a new level of maturity that enhances and validates the trust our customers place in us. We started with the sandbox model, then we went through all the options for applying the requirements, which were triggers for obtaining a banking license. 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 expects this authorization to enhance the prospect of quickly obtaining a fintech license, among others in the future, given the strong foundation now in place for such imminent logical moves. Aximetria is looking to expand to Latin America where the demand for crypto and stablecoins services is at an all-time high.

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