Finland imposes new crypto regulations starting May 1

29 Apr, 2019
by Joeri Cant
News
Finland imposes new crypto regulations starting May 1

Finland’s Ministry of Finance announced that the country's president has approved the Act on Virtual Currency Providers, a new crypto law aimed at regulating cryptocurrency service providers.

According to Bitcoin.com, the president of Finland, Sauli Niinistö, has approved a new bill, called the Act on Virtual Currency Providers. which will impose new crypto laws on cryptocurrency service providers in the country.

Finland’s Financial Supervisory Authority, the Fin-FSA, will now regulate cryptocurrency operators including cryptocurrency exchanges, custodian wallet providers, and issuers of cryptocurrencies, by enforcing the new law, which requires all crypto service providers to register with Finland’s Financial Supervisory Authority (Fin-FSA) and meet all statutory requirements.

'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', the Fin-FSA stated.

The country's financial regulator added that only virtual currency providers who meet the 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 Fin-FSA continued by stating that the new bill and included requirements are based on the May 2018 amendments to the EU Anti-Money Laundering Directive and pointed out that all EU member states must include services related to virtual currencies within the scope of AML/CFT legislation by 10 January 2020.

Chepicap previously reported that the French Minister of the Economy and Finance, Bruno Le Maire, stated that France will try to encourage other European Union members to adopt its new cryptocurrency regulations, which was the first of its kind adopted by a major nation.

It seems more EU members are now adopting France's new crypto regulations.

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