21 Analytics is now a passive member of the Financial Services Standards Association (VQF), Switzerland’s leading self-regulatory organisation (SRO) for Virtual Asset Service Providers (VASPs). As an SRO officially recognised by FINMA (the Swiss Financial Market Supervisory Authority), the Zug-based VQF is obliged to supervise its members on combating money laundering and preventing the financing of terrorism.
VQF oversees a big part of the cryptocurrency ecosystem in Switzerland, including the majority of regulated VASPs. Alongside some of Switzerland’s biggest VASPs, such as Bitcoin Suisse and Bity, 21 Analytics is now part of VQF’s network to empower the thriving cryptocurrency ecosystem that focuses on preventing financial crimes.
Most recently, the SRO introduced AML Regulation Article 13. Based on GwV-FINMA Art. 10, article 13 implements the Financial Action Task Force (FATF) Recommendation 16, also known as the Travel Rule. As Switzerland pioneers in various crypto matters, this is a special challenge both to regulators and VASPs. As the FATF Travel Rule demands a global adoption to attain the desired effects, the country has seen the unprecedented impacts of this implementation, which can also serve as lessons and expected outcomes for regulators worldwide.
At 21 Analytics, we appreciate the work of VQF and FINMA creating regulatory clarity to position Switzerland as a leader that protects and encourages innovation in finance.
VASPs interested in a compliant Travel Rule solution are welcome to reach out and see our product in action!