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Virtual Asset Service Providers (VASP) in Switzerland

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The Swiss banking system is estimated to hold a little under $9 Trillion, that's close to the GDP of India, UK and France combined. Switzerland has attracted these vast amounts of wealth through building a reputation as a secure, stable and politically neutral state with a reliable financial market regulator. When it comes to digital assets, Switzerland is no different.

FINMA was one of the first regulators in the world to issue guidance on the application of the Travel Rule to virtual asset service providers through the establishment of the VASPs regime. Introduced in August 2019, this brought digital assets in-line with globally recognised FATF requirements pertaining to Anti-money laundering (AML). Switzerland's Virtual Asset Service Provider (VASP) regime ensures a robust regulatory framework for activities involving virtual assets, including cryptocurrencies.

What it means to be a Virtual Asset Service Provider (VASP) in Switzerland:

Registration Requirement: VASPs in Switzerland must register with the Financial Market Supervisory Authority (FINMA) before conducting virtual asset-related activities. This ensures compliance with anti-money laundering (AML) measures.

AML Obligations: VASPs are subject to stringent AML obligations, including customer due diligence, ongoing monitoring, and reporting of suspicious transactions to the Money Laundering Reporting Office Switzerland (MROS). By doing so, VASPs play a vital role in safeguarding against money laundering and terrorist financing risks.

Compliance and Supervision: VASPs are required to establish robust internal systems, controls, and risk management procedures to ensure AML compliance. FINMA oversees and supervises VASPs, ensuring adherence to international standards and maintaining the integrity of the financial system.

International Alignment: Switzerland's VASP regime is aligned with international standards set by the Financial Action Task Force (FATF). This ensures that Switzerland's regulatory framework is in line with global efforts to combat illicit activities involving virtual assets.

Evolving Landscape: As the virtual asset space continues to evolve, so does the VASP regime in Switzerland. Authorities are continuously adapting to new developments and regulatory requirements to ensure the effectiveness of the framework. By establishing a robust regulatory environment, Switzerland fosters a safe and transparent ecosystem for virtual asset service providers.

GTSA is proud to be Swiss domiciled and has been complying with all financial and AML regulations since 2019.