In order to meet the highest regulatory standards for the initial token offering of its VETRI project, Procivis has become a member of the Self-Regulatory Organisation VQF*, which is subject to supervision by FINMA, Switzerland’s financial regulator. This membership entitles Procivis to act as a financial intermediary in the para-banking sector pursuant to the Swiss Anti-Money Laundering Act.
In order to qualify for registration with FINMA-supervised VQF, Procivis had to demonstrate that it actively identifies AML/KYC risks associated with conducting an ITO, takes robust measures to mitigate them and establishes appropriate processes and controls.
As a result, VETRI will become one of the first ITOs in Switzerland that is fully compliant with Swiss law and meets the strict anti-monetary laundering laws. Each and every participant in the VETRI ITO will need to go through an AML/ KYC process that meets the same standard as required for the vetting of clients by Swiss banks.
Procivis believes that compliance with the highest regulatory requirements and business practices will contribute to the professionalization of ITOs, thereby increasing the number of legitimate projects accessing this market, and hence its transparency and liquidity.
Verein zur Qualitätssicherung von Finanzdienstleistungen (VQF) Self-Regulatory Organisation (SRO)