Swiss Financial Intermediaries Successfully Complete First Automated and Compliant Bitcoin Transaction

The virtual asset technology software specialist 21 Analytics has enabled the first automated crypto asset transaction that is compliant with the Anti-Money Laundering Ordinance of the Swiss Financial Market Supervisory Authority (FINMA).

The successful bitcoin transaction took place between two financial intermediaries in Switzerland: Crypto Finance AG and Mt Pelerin.

The software just released by Zug-based start-up 21 Analytics AG enables financial intermediaries and other virtual asset service providers (VASPs) to implement the FATF Travel Rule in compliance with FINMA over the OpenVASP Protocol and the Travel Rule Protocol (TRP).

As with standard bank transfers, when making a crypto asset transaction with the software, financial intermediaries now exchange data that identify both the originator and the beneficiary of the transaction. This serves to combat money laundering and terrorist financing.

Clients of Crypto Finance AG and Mt Pelerin, who are both pioneers in the field, can now carry out crypto asset transactions between financial intermediaries that are quick and legally compliant. By using 21 Analytics’ software and its support of decentralised protocols, both Crypto Finance AG and Mt Pelerin are demonstrating their support for a global open ecosystem, with the Swiss Crypto Valley at the centre of blockchain innovation.

21 Analytics CEO, Lucas Betschart, comments:

Lucas Betschart

“The speedy implementation of the FATF Travel Rule by financial intermediaries demonstrates the competence with which the Swiss Crypto Ecosystem is taking the lead.”

Crypto Finance CEO, Jan Brzezek, explains:

Jan Brzezek

“The global adoption of crypto assets requires an international standard as well as the technology and processes to comply with it. We are pleased that this could be implemented in record time. All players now have the legal certainty they need in order for crypto assets to become an important alternative asset class.”

Arnaud Salomon

“This live demonstration shows once again that crypto assets and regulatory compliance are compatible through practical solutions, which is one of the key focus of our tokenisation technology. As one of the first Swiss VASPs to be travel-rule compliant, we are proud to be part of this demonstration.”

says Arnaud Salomon, the CEO of Mt Pelerin.