- Calvin Cheng’s Damoon Technologies has obtained membership status from the Swiss Financial Services Standard Association (‘VQF’), which is officially recognised by the Federal Financial Market Supervisory Authority (‘FINMA’)
- This comes on the back of Cheng’s Web3 Company obtaining the Virtual Asset License from the Dubai Virtual Asset Regulatory Authority (VARA)
- Damoon will offer crypto-fiat-crypto payment services, as well as a digital assets custodian
Singapore investor and former parliamentarian Calvin Cheng’s Swiss company, Damoon Technologies (‘Damoon’) has been granted membership in the Swiss VQF, joining the ranks of some of the world’s leading digital assets businesses.
The latest development officially opens the door for Damoon to establish a presence in Switzerland. The digital assets company is building a platform for users to engage in crypto- to-fiat payments and vice versa, as well as a digital assets custody service.
VQF is the largest and oldest cross-industry Self-Regulatory Organisation (SRO) in the country and is officially recognised by FINMA, Switzerland’s financial services watchdog.
Damoon must now comply with Swiss anti-money laundering (AML) regulations. Thanks to this, the company is in a unique position to work with demanding clients and offer them a place that provides efficiency, security and regulatory clarity.
Calvin Cheng commented, “I believe in the future of digital assets, but this has to be done in accordance with traditional finance’s compliance standards. Switzerland is the pre-eminent global financial hub, and is the ideal place to base crypto-fiat-crypto financial services, as well as a trusted custodian.”
Recently, Damoon has also joined the Crypto Valley Association in Zug. “Crypto Valley Association are excited to welcome Damoon Technology and Mr. Calvin Cheng as members,” said a spokesperson for the organization.
Currently, Damoon is in the process of building its compliance and operational team in Zurich and Zug, Switzerland. The company expects to start operations by the end of Q2 2023.
Earlier in 2022, Cheng’s Web3 Holdings FZE was awarded the coveted provisional Virtual Asset License by VARA in Dubai, United Arab Emirates. The license granted similarly promotes greater customer assurance and risk protection.
About Calvin Cheng
Calvin Cheng is currently the Chairman of Australia Stock Exchange (ASX) listed EdTech firm ReTechTechnology Co, which he led to an Initial Public Offering, together with leading investors from China.ReTech’s shareholders include several co-founders of Alibaba, as well as founders of other leading Chinese tech companies.
Cheng was a former appointed Member of Singapore’s Parliament and a Young Global Leader of the World Economic Forum. He is also the Republic of Serbia’s first Honorary Consul to the Republic of Singapore.