Faced with new anti-money laundering (AML) requirements in Europe, virtual asset service providers (VASPs) are rethinking how they manage compliance. One of them is Germany’s crypto custodian Tangany, which has now opted for a Swiss-developed, open-source solution: the Travel Rule Protocol (TRP) by 21 Analytics, a Zug-based fintech offering compliance software for the EU Travel Rule.

The so-called Travel Rule, recently codified into EU law through updated AML directives, requires VASPs to collect and transmit identifying information — the «traveling» data — about both sender and receiver whenever crypto assets move between providers. This has created an urgent need for secure, scalable, and regulator-ready communication between counterparties.

Open Standards, On-Premises

Many compliance vendors have responded by building closed, permissioned networks.

Tangany instead chose 21 Analytics, a company that has been instrumental in developing TRP — the only open and interoperable protocol for Travel Rule compliance. Unlike most providers, 21 Analytics offers its software on-premises, running entirely on the client’s own infrastructure — a major advantage under the EU’s upcoming Digital Operational Resilience Act (DORA), which places heavy oversight requirements on outsourced IT services.

Decentralised Compliance

The firm also integrates AOPP, a tool for verifying self-hosted wallets, allowing clients to demonstrate proof of ownership without compromising user privacy. According to Simon Kirnberger, Product Owner at Tangany, the implementation has helped reduce support overhead while improving the end-customer experience — crucial for B2B scalability.

By adopting TRP and bypassing third-party networks, Tangany retains full autonomy over which counterparties it interacts with — a major differentiator as institutional demand for crypto custody infrastructure continues to rise. The firm, which holds a crypto custody license from BaFin, serves over 60 institutional clients through a white-label API model covering tokenized securities, cryptocurrencies, and NFTs.

Swiss Engine Room

«We highly appreciate the close collaboration of the 21 Analytics team as well as the stellar user experience of the product,» Kirnberger said.

21 Analytics positions itself as a privacy-first compliance software provider for the blockchain industry. Its open-source approach — in contrast to the industry’s walled gardens — has gained increasing attention as regulatory scrutiny tightens across the EU and beyond.

Founded by Early Bitcoin Enthusiasts

The firm’s TRP software is designed for easy integration and full data control. By enabling decentralised compliance, it allows clients to scale operations without being bound to proprietary ecosystems.

21 Analytics was founded in 2020 by early Bitcoin enthusiasts who have been active in the blockchain industry since 2014. The company is led by CEO Filip Gospodinov, CTO Dominik Spicher, and COO Lucas Betschart — all three are co-founders.