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April 28, 2019

The Financial Supervisory Authority (FIN-FSA) has announced that the Act on virtual currency providers will come into force on 1 May.

The FSA will reportedly act as the registration authority and supervisory authority for virtual currency providers.

The FIN-FSA will register:

  1. virtual currency exchange services;
  2. custodian wallet providers;
  3. issuers of virtual currencies.

According to the Act, crypto-related providers should comply with the following requirements:

  • reliability of the provider (incl. fit and proper requirements);
  • holding and protecting client money;
  • segregation of client money and own funds;
  • marketing of services;
  • compliance with AML/CFT regulation.

Those providers which do not comply with above-mentioned requirements will be prohibited from continuing their business activities, enforced by a conditional fine, notes the announcement.

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