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EU Markets in Crypto-Assets (MiCA) with Seth Hertlein, Patrick Hansen, & Rebecca Rettig
Bankless
What Is the Swiss Rule?
The Swiss had adopted the most strict implementation of the travel rule anywhere in the world. The French presidency that was leading the council at the time wanted to close the file and sort of get credit for finishing the TFR on their watch. So they created these two scenarios where if a CASP is asked to transfer to its own customers wallet, the Swiss rule applies. But then when it's asking to transfer to any other third party or a non-U CASP, then the German rule applies. And so you get this sort of strange scenario where a CASP dealing with its own customer that it already has a relationship with has a higher KYC standard than dealing with a random third party or
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