21 Analytics Enables the First Automated Travel Rule Compliant Bitcoin Transaction
We are proud to announce that 21 Analytics enabled the first automated bitcoin transaction compliant with the Travel Rule.
The successful crypto transaction is compliant with the Anti-Money Laundering Ordinance of the Swiss Financial Market Supervisory Authority FINMA and took place between two financial intermediaries in Switzerland: Crypto Finance AG and Mt Pelerin.
Our recently released 21 Travel Rule software enables financial intermediaries that deal with crypto assets, also known as virtual asset service providers (VASPs), to implement the FATF Travel Rule in compliance with FINMA. 21 Travel Rule implements the OpenVASP Protocol and the Travel Rule Protocol (TRP) to exchange Travel Rule information seamlessly. Similar to traditional bank transfers, when making a crypto asset transaction with our software, VASPs 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 can now carry out crypto asset transactions between VASPs swift and legally compliant. Using 21 Analytics’ software, Crypto Finance AG and Mt Pelerin demonstrate their support for an open and global ecosystem, with the Swiss Crypto Valley at the centre of blockchain innovation.
21 Analytics CEO, Lucas Betschart, comments:
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, explains:
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.
In conclusion, Arnaud Salomon, the CEO of Mt Pelerin, says:
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.
About the Crypto Finance Group
The Crypto Finance Group provides institutional and professional investors with products and services that lead in the digital asset space today. The group includes the holding company Crypto Finance AG, based in Switzerland in the Crypto Valley, and three operational subsidiaries: Crypto Fund AG, the first regulated asset manager for crypto assets authorized by FINMA; Crypto Broker AG, active in 24/7 crypto trading; and Crypto Storage AG, providing crypto storage infrastructure and tokenization solutions. This award-winning Swiss fintech, founded in 2017, continues to bridge the traditional financial world and the emerging digital asset markets.
About Mt Pelerin
Mt Pelerin is a Swiss FinTech company specialized in asset tokenization and digital compliance. It develops solutions to bridge the token economy with traditional finance, and it has the ambition to establish a full-reserve institution to democratize tokenized funding and investment products.