EY and 21 Analytics Publish a User-friendly Swiss Travel Rule Summary

Once again, we teamed up with EY to co-author the document Switzerland’s Implementation of the Travel Rule. 

Leveraging our Travel Rule expertise, we teamed up with EY Switzerland to produce a breakdown of the Swiss implementation of the FATF’s Travel Rule, one of the world’s first. 

Lucas Betschart, CEO of 21 Analytics, explained: “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.” 

Echoing Lucas’ sentiments Orkan Sahin, Senior Manager at EY Switzerland, added, “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.”

The Swiss Travel Rule is widely known to be stricter than most other countries since it applies to every transaction, regardless of its value, instead of practising a threshold, as suggested by its recommending authority: the global financial watchdog, FATF. However, after some years, other countries followed and, most recently, the European Union also approved a similarly strict Travel Rule regulation.

Switzerland’s harsh approach does not keep crypto businesses away; instead, its regulatory clarity brings certainty and safety to VASPs when complying with the Travel Rule and other crypto-related regulations.

Adhering to Travel Rule regulations can be challenging; let us and EY help your crypto business smoothly navigate these regulations and adjust.  Reach out to us today.

See our previous work with EY below.