KeyRock, a crypto market maker, has obtained regulatory clearance in Switzerland.

KeyRock, a crypto market maker, has obtained regulatory clearance in Switzerland.

KeyRock Secures AML Compliance Clearance, Expands OTC Services

Belgian crypto market maker KeyRock has recently achieved a significant milestone in the blockchain industry. The startup has secured anti-money laundering (AML) compliance clearance from the Swiss Financial Services Standards Association (VQF). This regulatory approval comes after a thorough assessment of KeyRock’s structure and processes, ensuring compliance with the Swiss Anti-Money Laundering Act (AMLA) regulation.

The Importance of AML Compliance

Compliance with AML regulations is fundamental for any blockchain company operating in the financial industry. It not only demonstrates a commitment to combating financial crimes but also provides a solid foundation for expansion and growth. KeyRock’s CEO, Kevin de Patoul, emphasizes the significance of this achievement, stating that the VQF membership reinforces the company’s dedication to upholding rigorous regulatory standards within the crypto space.

As the blockchain industry evolves, maintaining compliance and fostering trust are vital for the success of any blockchain-based service provider. By achieving AML clearance, KeyRock ensures that it aligns with international standards and can continue to build trust with its clients.

Expanding the OTC Desk

The approval from VQF opens up new growth opportunities for KeyRock. The company plans to expand its OTC (Over-The-Counter) services globally, leveraging the fiat on-ramp and off-ramp solutions that it now offers. Previously, the service was limited to USD and Euro, but with the latest expansion, KeyRock’s OTC desk will support ten additional fiat currencies, including GBP and AUD.

This expansion allows KeyRock to better serve its clients from around the world by providing them with more convenient and accessible fiat options. By incorporating multiple fiat currencies, KeyRock aims to enhance liquidity and cater to a broader range of investors and traders.

To put it simply, the OTC desk acts as a bridge connecting traditional currencies to digital assets in the blockchain realm. It facilitates the seamless conversion between fiat money and cryptocurrencies for traders and investors. With the addition of GBP, AUD, and other currencies, KeyRock’s OTC desk becomes an even more versatile tool for market participants, enabling them to easily enter and exit the crypto market.

VQF Membership and the Blockchain Industry

VQF, as a government-approved financial standards body, holds considerable authority in ensuring compliance within the blockchain industry. It has previously granted regulatory clearance to notable blockchain startups, including Bitcoin Suisse and custodian BitGo. KeyRock’s approval not only benefits the startup by expanding its services but also reinforces the growing recognition of blockchain and crypto-related businesses within the traditional financial system.

Conclusion

KeyRock’s achievement of AML compliance clearance and the subsequent expansion of its OTC desk represent significant milestones in the blockchain industry. By adhering to AML regulations, KeyRock strengthens its position as a trusted market maker in the crypto space. The added support for additional fiat on-ramp and off-ramp solutions further enhances its service offerings, allowing clients to engage with digital assets using a wider range of currencies.

As blockchain continues to disrupt traditional financial systems, regulatory compliance becomes increasingly important for the industry’s growth and acceptance. KeyRock’s successful clearance by VQF underscores the blockchain industry’s commitment to transparency and regulatory compliance. It also highlights the ongoing integration of blockchain businesses into the broader financial landscape, paving the way for further innovation and adoption.