Switzerland began regulating the digital asset sector early on, creating a clear regulatory environment for crypto companies. A concise summary of the Swiss Travel Rule implementation by 21 Analytics and EY Switzerland to help service providers (VASPs) navigate local requirements.
Switzerland took an early step into the realm of digital assets, serving as the headquarters for prominent blockchain institutions like Ethereum and Tezos. Furthermore, the Swiss Financial Market Supervisory Authority (FINMA), responsible for financial regulation, demonstrated its proactive approach by being one of the first regulators to release guidelines on implementing the Travel Rule for virtual asset service providers (VASPs) in August 2019. This move bolstered regulatory strength and fostered trust within the blockchain sector.
Two experienced players join forces for Travel Rule compliance
Using their Travel Rule know-how, 21 Analytics teamed up with EY Switzerland to produce a digestible overview of the Swiss implementation of the FATF’s Travel Rule.
“The Swiss implementation of the Travel Rule is strict and not easy to implement. Our publication with EY clarifies the requirements and paves the way to enable the transaction of digital assets for VASPs and banks.” - Lucas Betschart, CEO of 21 Analytics
Orkan Sahin, Senior Manager at EY Switzerland, echoed this sentiment.
"It is through joint work like this that we can share regulatory knowledge with the ecosystem and assist businesses in meeting the challenges and opportunities presented by digital assets." - Orkan Sahin, Senior Manager at EY Switzerland
Download the overview: Switzerland’s Implementation of the Travel Rule, and learn everything VASPs need to know about the Swiss implementation of the Travel Rule.
For further 21 Analytics and EY Switzerland publications, see the article European Union’s Travel Rule: Embracing Technology for the Transfer of Funds Regulation where the duo explains what CASPs can expect from the EU’s implementation of the Travel Rule, and what the Transfer of Funds Regulation (TFR) entails.
