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ARTICLE · 15 FEBRUARY 2024

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How To Transact Compliantly With Self-Hosted Wallets As A VASP In Switzerland

MME Legal | Tax | Compliance
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Switzerland was one of the first countries to implement the Travel Rule in its jurisdiction through the Swiss Financial Market Supervisory Authority (FINMA).

SwitzerlandTechnology
MichèLe Landtwing Leupi
MichèLe Landtwing Leupi
Fernando Tafur
Fernando Tafur
Patrick Niklaus
Patrick Niklaus

Switzerland was one of the first countries to implement the Travel Rule in its jurisdiction through the Swiss Financial Market Supervisory Authority (FINMA). Self-hosted wallets present a particular challenge when it comes to implementation. However, there are several practical ways to comply with the Travel Rule.

More than 4 years after the Financial Action Task Force (FATF) extended anti-money laundering and countering of terrorism financing (AML/CTF) to virtual assets (VAs), only 35 jurisdictions have passed the so-called Travel Rule. After the FATF advised its members to extend their activities to VAs and virtual asset service providers (VASPs) in 2019, Switzerland was one of the first jurisdictions to clarify the applicable requirements through the Swiss Financial Market Supervisory Authority (FINMA).

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