Swiss Digital Assets Co. Damoon Technologies Soars with Regulatory Approval
This move positions Damoon as a leading player in the world of digital assets, and opens the door for the company to establish a presence in Switzerland.
Singapore investor and former parliamentarian, Calvin Cheng, has made a big step forward in the world of digital assets with his Swiss company, Damoon Technologies, being granted membership in the Swiss Financial Services Standard Association (VQF).
This move positions Damoon as a leading player in the world of digital assets, and opens the door for the company to establish a presence in Switzerland.
The Swiss VQF is the largest and oldest cross-industry Self-Regulatory Organisation in the country and is officially recognised by FINMA, Switzerland's financial services watchdog. With this approval, Damoon is now able to comply with Swiss anti-money laundering regulations, and offer clients efficiency, security and regulatory clarity.
Damoon will offer crypto-fiat-crypto payment services and a digital assets custodian, and has already joined the Crypto Valley Association in Zug. The company is in the process of building its compliance and operational team in Zurich and Zug, and expects to start operations by the end of Q2 2023.
Calvin Cheng is a former appointed Member of Singapore's Parliament and a Young Global Leader of the World Economic Forum. He is also the Republic of Serbia's first Honorary Consul to the Republic of Singapore and the Chairman of ASX-listed EdTech firm ReTech Technology Co.
With Damoon's latest regulatory approval, Cheng's vision for a future of digital assets, done in accordance with traditional finance's compliance standards, is one step closer to becoming a reality.
Kazi Mahmood
