May 22, 2018 – Zug, Switzerland – Jibrel AG is now an official member of the Association for the Quality Assurance of Financial Services (VQF), confirming its status as a licensed financial intermediary in the Swiss parabanking sector. VQF is the oldest and largest cross-industry Self-Regulatory Organization (SRO) to meet the criteria set forth by the Financial Services Standards Association (FINMA).
These organizations are put in place to ensure that due diligence requirements are met by its members, providing financial intermediaries an efficient alternative to a more bureaucratic supervision by FINMA. Members of the VQF organization, such as Jibrel, are certified to maintain strict compliance with the Anti-Money Laundering Act in Switzerland.
Accordingly, Jibrel AG partnered with Lexpert Partners to ensure its services stay in line with VQF requirements while its Jibrel Network continues to grow as a platform. As the AML partner, the fellow Zug-based firm will act as an officer to all initial and subsequent Know Your Customer (KYC) and Anti-Money Laundering (AML) duties on the Network.
Led by CEO Mr. Elmar Meyer, Lexpert announced that it will provide “a fully compliant digital User Onboarding process in line with FINMA regulations and Swiss KYC and AML laws,” thus ensuring Jibrel’s continued compliance.
Jibrel AG’s VQF membership is a decisive step forward for Jibrel Network’s asset tokenization services, where users will be able to convert currencies, commodities, bonds, and equities into ERC-20 tokens on the Ethereum blockchain – all in full compliance with the corresponding regulations. Most immediately, it now allows the platform to provide fiat-to-crypto and crypto-to-fiat ramps to users in the United Kingdom, Germany, and Switzerland, with more jurisdictions to be added over time.
The addition of these ramps will in turn support the deployment of jCash, the platform’s own stable currency solution. jCash is Jibrel’s regulation compliant improvement on other stable-coin services like Tether, which have gone under scrutiny for lack of transparency. By providing a VQF approved option, jCash decreases Jibrel Network users’ reliance on third parties that might not be as reliable.
Jibrel’s Founder and CEO Yazan Barghuthi expressed concerns with Tether’s approach in a recent interview with TechCrunch, observing that, “in tether, users purchased USDT directly from an exchange, whereas in Jibrel, one purchases JNT and then uses that to purchase asset-backed tokens from the Jibrel DAO.”
Fiat-crypto ramps and jCash services dovetail other important developments on the Jibrel Network roadmap, including the forthcoming launch of jWallet, its own localized, user-friendly cryptocurrency wallet, and more importantly, Jibrel Clear. Stemming from the platform’s commitment to compliance, Jibrel Clear is a tool that will provide users with reports on the risk profile of specified addresses, transactions, or contracts.
The continuing roll-out of Jibrel Network’s regulated services will further expand the usability of blockchain technology beyond cryptocurrency enthusiasts and speculators. The platform aims to act as a bridge, building inroads for blockchain within traditional finance while improving tried and true financial instruments with the rigor and transparency of the new technology.
Jibrel Network’s 2017 pre-sale and main sale attracted private and institutional investors alike, including TaaS Fund, Aurora Partners, Arabian Chain, and Tech Squared, Dubai raising over 30 Million USD in the proces. More so, Former Soros Fund COO Eddy Zautier and Blockchain Revolution author Don Tapscott are among the advisory board.
About Jibrel Network
Jibrel Network offers decentralized, asset-backed tokens representing real-world traditional financial assets (such as equities and commodities), known as CryptoDepository Receipts (CryDRs). These smart tokens have regulation embedded, ensuring that real-world rules and regulations are always followed. By translating real-world regulation into code and deploying it on-chain, Jibrel Network creates smart regulation and “governance without governments. For more information please visit: https://jibrel.network
