In a significant endorsement highlighting adherence to strict regulatory standards, Keyrock, a Belgian-based crypto market marker, secured clearance from the Swiss Financial Services Standards Association (VQF). This came after a thorough inspection of Keyrock’s internal controls, procedures, and processes showed conformity with the anti-money laundering (AML) requirements set forth by the Swiss Financial Market Supervisory Authority (FINMA).
Furthermore, this endorsement places Keyrock in a league with esteemed crypto firms such as Bitcoin Suisse and custodian BitGo, who are also registered with VQF. While this approval clearly signals Keyrock’s staunch commitment to transparency and regulatory compliance, it also bolsters trust and reputation among its user base.
Interestingly, the approval coincides with the expansion plans of Keyrock’s OTC trading desk, inviting notable speculation on fiat on/off-ramp services for over ten currencies. OTC desk offers a unique asset swap experience with direct player interaction, while providing liquidity that conventional exchanges fail to deliver. Additionally, OTC trading can prove to be an effective tool to curtail counterparty risks when transactions entail two KYC-compliant entities.
Despite the late 2022 collapse of the FTX exchange, posing significant challenges for the overall crypto market, Keyrock has displayed notable resilience by securing $72 million in funding. Significantly, the funding pot is expected to bolster infrastructure development, regulatory licensing, and scalability tools in various jurisdictions including Europe, the United States, and Singapore.
Nonetheless, it’s imperative to ponder what these advancements mean for the crypto sector and users. While the stringent regulations reflect the industry’s efforts to ensure reliability and trust, they also indicate the evolution of the crypto landscape to resemble traditional financial markets. This poses an interesting predicament; would this shift eventually eclipse the decentralized essence of cryptocurrencies, or can an optimum balance be struck between regulation and decentralization, enhancing both trust and freedom?
In conclusion, Keyrock’s commitment to upholding the highest standard of regulatory compliance is encouraging and serves as an excellent precedent in the ever-evolving crypto space. Indeed, the expansion into realms previously unchartered by crypto market markers will be thrilling to watch as it unfolds. The crypto community eagerly waits for the next chapter of regulatory advancement that Keyrock’s actions will usher.
Source: Cryptonews
