From May 1, the Finnish Financial Conduct Authority (Fin-FSA) will begin to register and control companies involved in the exchange, storage and emission of cryptocurrencies.
The Office will take on new responsibilities immediately after the entry into force of the law «About virtual currency providers».
The document was developed on the basis of the fifth EU directive on combating money laundering, which requires a revision of the legal framework to reduce the risks of cryptocurrency turnover.
Registration will require participants in the cryptoindustry to comply with numerous rules for storing and protecting client assets, separating users ‘and service providers’ funds, promoting projects, and complying with AML / CFT legislation. In the future, only those companies that will follow the established norms will be able to continue work, but until November they can continue to provide services without registration.
On May 15, FIN-FSA will hold a press conference, which will detail the deadlines, procedure and schedule for registration, review the main provisions and guidelines applicable to market participants.
Despite the approval of the new legislation, the regulator said that the problem of protecting investors has not been fully resolved. The agency warns about the volatility of rates, their speculative nature, threats to data security, vulnerability of exchange operators and wallets.
We also reported earlier that India may impose a complete ban on cryptocurrencies.
text: Ivan Malichenko, photo: blokt, scijob