VQF is the largest and oldest cross-industry self-regulatory organisation in Switzerland and is officially recognised by FINMA, the country’s financial services watchdog
Singapore investor and former parliamentarian Calvin Cheng has announced that his wholly-owned, newly rebranded Swiss company, Anchored Coins AG, will be issuing two stablecoins – a Euro-backed stablecoin AEUR, and a Swiss Franc-backed stablecoin ACHF. Both stablecoins will be backed 1-to-1 by their respective fiat currencies and held in Swiss banks. The stablecoins will be issued on the Ethereum and BNB Chain public blockchains.
Earlier this year, the company was granted membership in the Swiss VQF, which means it has to comply with Swiss anti-money laundering obligations.
Latest Fintech News: UATP Global Payments Network Launches Refreshed Brand to Reflect Expanded Holistic Payments Solution
Calvin Cheng, Chairman of Anchored Coins said, “Switzerland has very clear regulatory guidelines for the issuance of stablecoins. The reputation of Swiss banks is also second to none. There is a clear need for stablecoins to be pegged to currencies other than the US Dollar, given the regulatory uncertainty in the US. I feel this is the right time and right place, to launch highly compliant stablecoins in two other well-regarded global currencies, the Swiss Franc, and the Euro.”
Cheng further added that his company will comply with the European Union’s new Markets in Crypto Assets (“MiCA”) regulations once they come into effect in 2024.
Anchored Coins announced a partnership with DCS Card Centre (“DCS”) in Singapore. Formerly known as Diners Club Singapore, DCS is a 50-year-old financial institution that pioneered the issuance of credit cards in the Republic. Through this collaboration, DCS will accept ACHF and AEUR as a form of collateral placement for credit limits on its cards, thereby enhancing the value and utility of both stablecoins.
Latest Fintech News: Quicken Adds Robust Investment Tracking Features to Its Personal Finance App Simplifi
Karen Low, CEO of DCS said, “We believe that stablecoins are crucial in bridging digital assets to traditional finance. DCS aims to lead the charge on connecting Web2 and Web3 with integrated payment experiences that are co-created through partnerships. We are proud to partner with Anchored Coins in providing immediate value to their stablecoin holders by using ACHF and AEUR as collateral for instant credit limits on the cards we issue. We currently offer a choice of cards from global payment networks including Diners Club International, Mastercard, UnionPay and soon, Visa.”
Anchored Coins is in the process of launching, and will only be available to institutional partners during the first phase of its development. The company is also in advanced discussions with major digital asset exchanges to be listed.
Latest Fintech News: BingX Expands Peer-to-Peer Trading Services to MENA Region and Turkey
[To share your insights with us, please write to sghosh@martechseries.com]
