Regulatory authority for cryptocurrencies starts operations in Finland
The Financial Supervision Authority of Finland will assume the role of registry authority and supervisory body for participants in the cryptocurrency market
According to an official statement, “the law of virtual currency providers will come into effect on May 1st. In accordance with the law, the Financial Supervision Authority (FIN-FSA) will act as the registration authority and supervisory authority for digital currency providers.”
That is to say, as of May 1st FIN-FSA will register all the exchange offices, the purse providers, custodians and issuers of cryptoactives that operate in the aforementioned country. It is worth remembering that the new Finnish legislation was drafted on the basis of the Fifth Directive of the European Union (EU) against money laundering (AML).
The regulatory body maintains that the registration will require compliance with multiple rules, including those related to the storage and protection of customer funds, the segregation of the service provider and the client’s assets, the rules for the commercialization of services and the compliance with AML laws.
Despite the new laws, FIN-FSA states that investor protection is not fully resolved within the new measures. It is emphasized that the new legislation was responsible for the famous Finnish exchange LocalBitcoins modifying its policy of anonymity.
L.Sáenz
Source: Coincrispy
