KeyRock, the Belgian cryptocurrency market maker, has achieved a significant milestone in its journey to bolster compliance and regulatory standards. On September 26, it received the prestigious clearance from the Swiss Financial Services Standards Association (VQF).
This recognition is pivotal, signifying KeyRock’s unwavering commitment to adhering to the stringent anti-money laundering (AML) requirements set by the Swiss Financial Market Supervisory Authority (FINMA).
Unlocking Swiss Compliance
KeyRock’s successful endorsement by the VQF follows an exhaustive evaluation of its internal controls, processes, and procedures. This meticulous examination ensured strict alignment with the guidelines outlined in the Anti-Money Laundering Act (AMLA). By gaining the VQF’s approval, KeyRock has opened the door to operating within Switzerland’s regulatory framework.
This accomplishment reaffirms KeyRock’s dedication to meeting the exacting standards upheld by VQF, one of Switzerland’s highly esteemed self-regulatory organizations. The approval from VQF serves not only as a testament to KeyRock’s commitment to transparency, integrity, and accountability but also as a significant trust-building milestone for its users.
It bolsters KeyRock’s reputation and positions it as a reliable player within the cryptocurrency market. Moreover, KeyRock’s engagement with VQF showcases its proactive approach to regulatory compliance, underscoring its responsible advancement within the industry.
KeyRock’s Expansion Plans in Switzerland
Now that KeyRock has secured its foothold in Switzerland’s regulatory landscape, the company is ready to embark on an exciting expansion journey. It plans to enhance its over-the-counter (OTC) trading desk, offering a broader range of fiat on/off-ramp services for more than ten currencies, including GBP, in addition to the existing USD and EUR pairs.
KeyRock’s OTC trading desk is known for providing a highly customized approach to asset swaps, enabling direct interactions between parties. This service leverages substantial liquidity that traditional exchanges cannot match, making it particularly well-suited for executing large trades. Importantly, OTC trading can mitigate counterparty risk, especially when both parties adhere to Know Your Customer (KYC) compliance.
Enhancing Service Availability
Reza Ghadiri-Zare, KeyRock’s General Counsel, emphasizes the significance of this expansion. He states, “We are steadfast in our commitment to offering a specialized OTC solution enriched with a variety of currency options, reflecting our essential belief in flow diversity.” By broadening its OTC desk’s currency offerings, KeyRock aims to extend its service availability to various geographical regions.
KeyRock’s journey to this point has not been without challenges. The collapse of the FTX crypto exchange in late 2022 sent shockwaves through the crypto world and had a cascading effect on many market makers. However, KeyRock managed to successfully weather this storm and secure $72 million in funding through a Series B round. These funds are earmarked for infrastructure development, scalability tools, and regulatory licensing expansion across Europe, the United States, and Singapore.
KeyRock’s regulatory achievement and ambitious expansion plans demonstrate its resilience and commitment to advancing in the crypto market. With a solid foundation in Switzerland and strategic funding in place, KeyRock is poised to continue its growth trajectory while maintaining a strong focus on compliance and user trust.