Two crypto firms carried out the first automated trade which is compliant with Swiss regulatory guidelines for combating money laundering.
Software firm 21 Analytics enabled the first automated crypto asset transaction that complies with Finma's money laundering ordinance, it said in an emailed statement on Friday. The transaction was carried out by Zurich-based Crypto Finance AG and Mt Pelerin, an aspiring crypto bank in Geneva.
The software enshrines guidelines set up by the Financial Action Task Force, or FATF, for banks to root out illicit assets. Switzerland's early push into digital assets has raised concerns that ill-gotten money is washing into the alpine nation – mainly because most crypto providers aren't yet subject to the strict controls that banks are, or oversight by financial regulator Finma.
Stepping Stone For Crypto
21 said its software allows financial intermediaries to exchange data that identify both the originator and the beneficiary of a given transaction. The measure is a key stepping stone in establishing blockchain-based assets into traditional portfolio management.
«The speedy implementation of the FATF travel rule by financial intermediaries demonstrates the competence with which the Swiss crypto ecosystem is taking the lead,» 21 Analytics CEO Lucas Betschart said. Switzerland approved two crypto banks – Syngum and Seba – last autumn.
