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:
- virtual currency exchange services;
- custodian wallet providers;
- 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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