Copper’s Swiss unit gains regulatory nod for anti-money laundering standards

Crypto custody provider Copper announced on Monday that its Swiss unit has gained regulatory approval from the country’s Financial Services Standard Association.

The body, known as VQF, is a self-regulatory organization recognized by the Swiss regulator, the Financial Market Supervisory Authority (FINMA). The approval speaks to Copper’s compliance with local anti-money laundering rules. 

“As Copper expands globally, VQF’s validation underscores our commitment to working with regulators around the world, to standards set in multiple jurisdictions, to become a worldwide leading provider of digital asset custody and infrastructure,” Copper’s chief legal officer, Carly Nuzbach Lowery, said in a statement. 

The nod comes amid a what has been a protracted process for the Financial Conduct Authority (FCA) to approve some of the UK’s biggest cryptoasset providers to its own anti-money laundering register. Copper remains on the regulator’s temporary cryptoasset register — a measure brought in so that firms could continue operating in the UK while the it decides their fate. 

That list is shrinking. As of Monday, it had dropped from five firms to four: Copper, neobanking giant Revolut, trading platform CEX.IO and custody provider ITI Digital, also known as Rubicon. 

Without full registration, firms will in theory be forced to stop all crypto-related activities in the UK. The Block earlier reported that, as of February 10, 96 UK crypto firms had applications awaiting a decision from the regulator.