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The first BTC transaction with automated reporting was made in Switzerland

The first BTC transaction with automated reporting was made in Switzerland

Three Swiss cryptocurrency firms successfully conducted the first transaction in BTC with automated reporting. The transaction complies with the anti-money laundering (AML) regulations.

Participants in the transaction were Crypto Finance AG and 21 Analytics from Zug, as well as Mt Pelerin from Geneva. The CEO of 21 Analytics, Lucas Betschart, said that the transaction conducted in bitcoins between Crypto Finance and Mt Pelerin was equivalent to $23.for the transfer, the Travel Rule Protocol (TRP) solution from ING Bank was used. It is intended to comply with the recommendations of the financial action task Force on money laundering (FATF). In addition, the technology based on artificial intelligence developed by 21 Analytics and the OpenVASP solution was used.

The transaction was made in accordance with the industry standard Intervasp Messaging 101 (IVMS101), which defines a single data model that virtual asset service providers (VASP) must exchange. According to FATF requirements, cryptocurrency exchanges, wallet operators, and service providers must request data from participants in transactions that exceed $1,000.

Betschart added that previously, VASP, regulated by the Swiss financial market Supervisory authority (FINMA), had to manually compile reports for each transaction. In the case of this transaction, the collection of necessary information was fully automated.

Recall that last month, the BitGo custodial service integrated a tool into cryptocurrency wallets that allows you to transfer additional data about users and their transactions. The tool also uses the IVMS101 standard.