Swiss financial intermediaries complete first automated and compliant bitcoin transaction

Virtual asset technology software specialist 21 Analytics, in partnership with Crypto Finance, has enabled the first automated crypto asset transaction, 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 – Mt Pelerin and Crypto Finance AG. 

Zug-based start-up 21 Analytics's software enables financial intermediaries and other virtual asset service providers (VASPs) to implement the FATF Travel Rule in compliance with FINMA over the Open VASP Protocol and the Travel Rule Protocol (TRP). As with standard bank transfers, when making a crypto asset transaction with the software, financial intermediaries 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, says: “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 AG CEO, Jan Brzezek, says: “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."

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