As the global digital currency for luxury assets, regulatory compliance has top priority and importance.
Miami, Jan. 20, 2020 (Issuewire.com) - Idoneus Holdings Limited announced it signed a letter of engagement in November 2019 with Dr. Hans Kuhn from DALAW to ensure compliance of the business model with local and international financial regulatory requirements.
Dr. Hans Kuhn is a highly-respected and well-known practicing attorney in Zurich, Switzerland specializing in banking and financial market law with a focus on banking and fintech regulation. Dr. Kuhn works on blockchain legislation with governments in both Switzerland and Liechtenstein. Prior to joining a private practice in 2014, Dr. Kuhn served as Chief Legal Counsel for the Swiss National Bank (the Central Bank of Switzerland) for more than 13 years. He has extensive experience as a member of national and international expert groups on matters such as securities law and regulation, bank resolution, derivatives and netting legislation.
Dr. Kuhn is a cofounder of DALAW, a provider of fully-integrated advisory services for the structuring, documentation and regulatory clearance of digital assets. The firm specializes in supporting their clients in ensuring compliance with all applicable laws and regulations as well as managing risks related to digital assets.
In a statement regarding the engagement by Idoneus, Dr. Kuhn said: “Luxury assets are an extremely interesting use case for the tokenization of non-financial assets. Aligning the complexities of this comprehensive business model with applicable regulatory requirements is crucial to its success. DALAW is very excited to be part of this challenging project.”
On November 27, 2019, the Swiss blockchain industry welcomed a project submitted to parliament to new updates to the banking, corporate and financial infrastructure laws to accommodate Distributed Ledger Technology (DLT). This marked yet another progressive step from the Swiss authorities in their drive to create a level playing field between traditional industries and the blockchain industry.
The Swiss authorities have taken a pragmatic view of the situation and, instead of drafting new laws to oversee this industry, are set to amend the existing ones. For example, there is a need to increase the legal certainty over the transfer of rights using digital registers, to adopt financial market law for blockchain-based financial market infrastructures, formalize current Anti-Money Laundering (AML) practices explicitly for decentralized trading platforms and adapt insolvency and banking laws to deal with bankruptcy that involves crypto-assets.
“We have paid extraordinary attention to compliance matters when drafting the Idoneus White Paper. Now the regulatory oversight team led by Dr. Hans Kuhn, LL.M., will provide the same level of care for the KYC and AML practices by assessing these amendments and their impact”, says Mika Romanoff, VP of Corporate Affairs at Idoneus. “We are taking these steps to protect the integrity of Idoneus, protect our members and strategic partners, and ensure continuous compliance of the project. We are very glad to be working with Dr. Kuhn to support us in this endeavour."
Idoneus is “The Premier Digital Currency for Luxury Assets”. Based in the famed “crypto valley” of Zug, Switzerland, Idoneus was created by leading industry professionals representing over a century of combined experience in international luxury asset trading, international banking & wealth management, strategic planning, as well as the newly emerging sectors of fintech, blockchain, tokenization, and cryptocurrency. Idoneus is leading the luxury asset trading space with the strategic addition of a cryptocurrency token being added to the proven model of barter to connect its strategic partners, asset owners, and token holders on one integrated blockchain-based ecosystem.
Idoneus Holdings Limited is NOT a United States Securities Dealer or Broker or U.S. Investment Adviser. Idoneus makes no warranties or representations as to the investor, buyer, seller or transaction. All due diligence is the responsibility of the buyer and seller. This press release, associated links, website and any attached related documents are never to be considered a solicitation for any purpose in any form or content. Idoneus does not provide securities or securities-related advice. No information herein shall be construed as a solicitation of investment funds or a security offering in any way.
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