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Swiss crypto ecosystem takes the lead in 1st regulated crypto trade

swiss crypto ecosystem

The Swiss crypto ecosystem has scored a big one after 21 Analytics, firm based in Switzerland successfully carried out its first regulated crypto trade.

The firm is renowned in Switzerland for its focus and operations in fighting financial related crimes in the Swiss crypto ecosystem.  In the report that was obtained from a local news outlet, Finews, the transaction was carried out by a firm based in Zurich, Finance AG and another Swiss-based fintech outfit, Mt Pelerin

The transaction was said to be carried out according to the guidelines of the money laundering law that was created by the Financial Market Authority (Finma). 

In previous years, the crypto market has been under massive criticism because of the number of transactions that take place without following the guidelines of Finma. 

21 Analytics CEO says the move is a good one for the Swiss crypto ecosystem

Giving his view on the transaction, the CEO of 21 Analytics, Lucas Betschart, says the implementation of the rule guiding digital assets shows that the Swiss crypto ecosystem is gradually taking shape. 

Recall that news made the rounds after a bank based in Switzerland, Balser Kantonalbank announced that it would start offering banking services to crypto investments around the country as early as next year. This initiative means that Basler Kantonalbank would be the first-ever financial outfit to provide banking services to crypto firms in Switzerland.

Experts say new regulation would eliminate illegal transactions

With the first crypto regulated trade already carried out in the country, experts have said this move would eliminate illegal transactions via crypto from the Swiss crypto ecosystem in the country. 

Recall that reports in July made the rounds after Incore Bank AG, a bank located in Switzerland announced that it had become the first bank to offer Kraken financial services. In the bank’s statement, it noted that the partnership was a way to provide their clients with ways to fund their accounts with different currencies, including the American dollars. 

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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