Search Coins

NFT Collection The Superlative Secret Society Price, Stats, and Review

cryptodaily.co.ukin 2 years
-2

Ripple Announces First Tokenized Money Market Fund On The XRP Ledger

bitcoinist.com21 minutes ago
0

Trump holds $7 million in crypto: Arkham Intelligence

crypto.news30 minutes ago
0

Coinshares: Record Inflows Showcase Growing Interest in Digital Asset Investment Vehicles

news.bitcoin.com43 minutes ago
0

$3,124,000,000 Hits Bitcoin ETFs In Largest Weekly Inflows on Record: CoinShares

dailyhodl.coman hour ago
0

Bitcoin To Smash $100,000? Rapid Stablecoin Exchange Inflows Continue

www.newsbtc.coman hour ago
0

Lutnick’s Cantor wants to use Tether to support a $2 billion Bitcoin lending program

coinjournal.netan hour ago
0

DNA crypto surges 22X in 7 days, 203% in 24 hours – More gains ahead?

ambcrypto.coman hour ago
0

Fantom price prediction – Key levels to watch after 48% November gains

ambcrypto.coman hour ago
0

Trading Volumes on Korean Exchanges Surge With DOGE and XRP Dominating

news.bitcoin.com2 hours ago
0

Dogecoin Price To $2.8: Analyst Releases Bullish Update For The Meme Coin

bitcoinist.com2 hours ago
0

Top altcoins to turn small investments into wealth in 2025

crypto.news2 hours ago
0

Justin Sun’s TRON Invests $30M In Donald Trump’s World Liberty Financial

coingape.com2 hours ago
0

Why low Bitcoin dominance doesn’t make altcoins immune to market falls

ambcrypto.com2 hours ago
0

Long-Term Bitcoin Holders Remain Greedy Amid Price Break Toward $100,000, Why This Is Good

www.newsbtc.com2 hours ago
0

Why crypto is down today – Analyzing key factors behind the downtrend

ambcrypto.com3 hours ago
0

Gold ‘Probably Goes Higher,’ According to Macro Guru Raoul Pal – But There’s a Catch

dailyhodl.com3 hours ago
0

Altcoin Season Has Officially Kicked Off, According to Crypto Analyst Nicholas Merten – Here’s Why

dailyhodl.com3 hours ago
0

Bitwise To Back Starknet Staking, STRK Price Reacts

coingape.com3 hours ago
0

Trump Family Crypto Project World Liberty Financial Gets a $30M Boost From Justin Sun’s Tron

news.bitcoin.com3 hours ago
0

The Crypto All-Stars presale raises over $5M, ends in 25 days

crypto.news3 hours ago
0

Whales are eyeing Catzilla: A token with the potential to soar 16,900% like Shiba Inu

crypto.news3 hours ago
0

Cardano Rivals to Buy After ADA’s 250% Rally to 10X Portfolio

coingape.com3 hours ago
0

Justin Sun invests $30m in Trump project World Liberty Financial

crypto.news3 hours ago
0

ZircuitDEX and Avalanche could outperform Ethereum next year

crypto.news3 hours ago
0

Finland Begins Regulating Cryptocurrency Service Providers

Apr 28, 2019 3:05 AM +00:00
0

Finland’s president has approved a law to regulate cryptocurrency service providers including exchanges, custodian wallet providers, and issuers of cryptocurrencies. The law will enter into force next week. Crypto service providers will need to register with the country’s Financial Supervisory Authority and meet statutory requirements.


Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request


Finland Approves Crypto Law

Finland’s Ministry of Finance announced Friday that the president of the country has approved the Act on Virtual Currency Providers. The Finnish Financial Supervisory Authority (Fin-FSA), responsible for regulating Finland’s financial markets, independently announced Friday:


The Act on Virtual Currency Providers enters into force on 1 May. In accordance with the act, the Financial Supervisory Authority (Fin-FSA) will act as the registration authority and supervisory authority for virtual currency providers.



Registration Requirements

The Fin-FSA explained that registration is required for “virtual currency exchange services,” “custodian wallet providers,” and “issuers of virtual currencies.” These providers must comply with statutory requirements. For example, they must be reliable and able to hold and protect client money. They must also segregate client money from their own funds and comply with AML and CFT regulations.


The Finnish financial watchdog elaborated:


Going forward, only virtual currency providers meeting statutory requirements are able to carry on their activities in Finland. Virtual currency providers which do not comply with statutory requirements will be prohibited from continuing their business activities, enforced by a conditional fine.


The law has a transitional provision which allows existing crypto service providers to continue to operate in the country without registration until Nov. 1. The Fin-FSA will hold a briefing on May 15 at the Bank of Finland to explain the new rules to both existing crypto service providers and those planning to start offering related services.



Complying With EU’s Legislation

The Fin-FSA noted that these new requirements are based on the May 2018 amendments to the EU Anti-Money Laundering Directive (the Fifth Money Laundering Directive), adding:


All EU member states must include services related to virtual currencies within the scope of AML/CFT legislation by 10 January 2020.


Further, registration with the Fin-FSA does not allow the service provider to operate in another EU country as each member state has its own law that must be followed.


Prior to the president approving the law, Helsinki-based crypto marketplace Localbitcoins announced that it had been working on improvement measures to conform to the new regulation and had launched “a new account registration process where users can verify basic information already during sign-up.”


Do you think Finland should regulate crypto service providers? Let us know in the comments section below.




Images courtesy of Shutterstock.




Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!


The post Finland Begins Regulating Cryptocurrency Service Providers appeared first on Bitcoin News.

Share This Article


Get the most out of CoinFi News!

Save coins into your Watchlist and be the first to know about the latest market moving news.