Swiss Companies Carry Out First Regulated Crypto Trade
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Aug. 21, 2020

Switzerland-based software developer focused on financial crime prevention for virtual asset service providers, 21 Analytics, has carried out the first automated crypto trade that complies with the state's watchdog guideline.

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According to Finews AG, the transaction was carried out by Zurich-based Crypto Finance AG and Mt Pelerin, a Swiss fintech firm, under Finma's money laundering ordinance.

Swiss Association Introduces New Standards for Crypto Custody

Previously, the cryptocurrency market development in Switzerland raised concerns due to the lack of oversight by Swiss Financial Market Supervisory Authority.

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."

iHodl earlier reported that the first Swiss-backed bank, Basler Kantonalbank, will begin offering crypto custody and trading services via a subsidiary next year.

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Hence, Basler Kantonalbank will be the first cantonal bank in Switzerland to offer its services for the crypto market.

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