Today cryptocurrency custody technology startup Copper announced it has regulatory approval in Switzerland. It has been accepted as a member of the Swiss Financial Services Standard Association (VQF). It’s a self-regulatory organization required by the Swiss regulator FINMA to supervise its intermediary members for compliance with anti-money laundering.
In March, Copper announced State Street, the world’s second largest conventional custodian, had selected its technology to develop a custody solution.
But regulatory approval in Copper’s UK home base has been slow going. It’s on a list of four firms with temporary registration from the UK’s Financial Conduct Authority (FCA). The FCA delayed the registration of many crypto-asset firms for a long time but eventually caught up, issuing 18 approvals between October and December 2021 and five since. Most applications were rejected or withdrawn, with a total of 34 firms now authorized.
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