SINGAPORE, May 29, 2023 – Damoon Technologies, the Swiss digital assets company founded by Singapore investor and former parliamentarian Calvin Cheng, has achieved a significant milestone with its admission into the Swiss Financial Services Standard Association (VQF). This achievement places Damoon alongside some of the world’s leading digital assets businesses, bolstering the company’s standing in the digital finance sector.
This regulatory nod empowers Damoon to create a robust foothold in Switzerland, offering crypto-fiat-crypto payment services and a digital assets custodian. The company will now operate under the compliance of Swiss anti-money laundering regulations, thereby providing its clients with efficiency, security, and regulatory clarity. Damoon’s membership in the VQF is a testament to its commitment to aligning the future of digital assets with traditional finance compliance standards.
Following this achievement, Calvin Cheng remarked, “I believe in the future of digital assets, but this has to be done in accordance with traditional finance’s compliance standards. Switzerland, being a pre-eminent global financial hub, is the ideal place to base crypto-fiat-crypto financial services, as well as a trusted custodian”.
Additionally, Damoon has joined the Crypto Valley Association in Zug, further embedding its presence in the Swiss digital assets landscape. The company is in the process of building its compliance and operational team in Zurich and Zug, with operations expected to commence by the end of Q2 2023.
This announcement follows the previous achievement in 2022, where Cheng’s Web3 Company received the Virtual Asset License from the Dubai Virtual Asset Regulatory Authority (VARA).
About Calvin Cheng:
Calvin Cheng, a former appointed Member of Singapore’s Parliament and a Young Global Leader of the World Economic Forum, is currently the Chairman of Australia Stock Exchange (ASX) listed EdTech firm ReTech Technology Co. Cheng also serves as the Republic of Serbia’s first Honorary Consul to the Republic of Singapore. His leadership has garnered significant investors from China, including several co-founders of Alibaba and founders of other leading Chinese tech companies.
With Damoon’s latest regulatory approval, Cheng’s vision for a future of digital assets, compliant with traditional finance standards, is one step closer to becoming a reality.