According to Yahoo Finance, Singapore investor and former parliamentarian Calvin Cheng's rebranded Swiss company, Anchored Coins, has been granted Swiss VQF membership, allowing it to issue Swiss Franc-backed stablecoin (ACHF) and Euro-backed stablecoin (AEUR) on the Ethereum and BNB Chain blockchains. The VQF is Switzerland's largest and oldest cross-industry self-regulatory organization, officially recognized by the country's financial services watchdog, FINMA.
Having received VQF membership, Anchored Coins must comply with Swiss anti-money laundering obligations and plans to adhere to the European Union's new Markets in Crypto Assets (MiCA) regulations beginning in 2024. Both stablecoins will be backed 1-to-1 by their respective fiat currencies and held in Swiss banks.
Anchored Coins has partnered with DCS Card Centre in Singapore (formerly Diners Club Singapore), which plans to issue credit cards collateralized by AEUR and ACHF. The company aims to provide immediate value to stablecoin holders through instant credit limits on cards issued. The initial launch of Anchored Coins will be limited to institutional partners, with discussions underway for listing on major digital asset exchanges.
