Singapore investor and former parliamentarian Calvin Cheng’s Swiss company, Damoon Technologies (‘Damoon’) has been granted membership in the Swiss VQF, joining the ranks of some of the world’s leading digital assets businesses.
The latest development officially opens the door for Damoon to establish a presence in Switzerland. Thedigital assets company is building a platform for users to engage in crypto- to-fiat payments and vice versa, as well as a digital assets custody service.
VQF is the largest and oldest cross-industry Self-Regulatory Organisation (SRO) in the country and is officially recognised by FINMA, Switzerland’s financial services watchdog.
Damoon must now comply with Swiss anti-money laundering (AML) regulations. Thanks to this, the company is in a unique position to work with demanding clients and offer them a place that provides efficiency, security and regulatory clarity.
Calvin Cheng commented, “I believe in the future of digital assets, but this has to be done in accordance with traditional finance’s compliance standards. Switzerland is the pre- eminent global financial hub, and is the ideal place to base crypto-fiat-crypto financial services, as well as a trusted custodian.”
Recently, Damoon has also joined the Crypto Valley Association in Zug. “Crypto Valley Association are excited to welcome Damoon Technology and Mr. Calvin Cheng as members,” said a spokesperson for the organization.
Currently, Damoon is in the process of building its compliance and operational team in Zurich and Zug, Switzerland. The company expects to start operations by the end of Q2 2023.
Earlier in 2022, Cheng’s Web3 Holdings FZE was awarded the coveted provisional Virtual Asset License by VARA in Dubai, United Arab Emirates. The license granted similarly promotes greater customer assurance and risk protection.