Norway Establishes New Rules for Crypto Service Providers | 코인긱스

Norway Establishes New Rules for Crypto Service Providers

0

Norway Establishes New Rules for Crypto Service Providers

The Financial Supervisory Authority of Norway is enforcing new money laundering regulations that apply to crypto exchange and storage providers in the country. The law will go into effect on Oct. 15 and will affect companies established in Norway including branches of overseas companies.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

New Rules Effective Oct. 15

Finanstilsynet, the Financial Supervisory Authority (FSA) of Norway, announced Thursday that the country’s Ministry of Finance has established new money laundering regulations which apply to “Norwegian providers of virtual currency exchange and storage services.”

Norway Establishes New Rules for Crypto Service ProvidersWhile the new rules will go into effect on Oct. 15, companies have until Jan. 15 next year to comply. “The law applies to reporting companies established in Norway, including branches of foreign companies,” the regulator clarified, adding:

Finanstilsynet will ensure that virtual currency exchange and storage providers comply with the money laundering rules. However, FSA does not have any tasks related to the monitoring of other areas of these providers, such as investor protection.

Affected Crypto Providers

Norway Establishes New Rules for Crypto Service ProvidersThe obligations under the new Money Laundering Act apply to crypto storage services and providers offering exchange services between any cryptocurrencies and fiat currencies, such as the Norwegian kroner.

The law also applies to “platforms that facilitate trading and exchanges by connecting buyers and sellers,” Finanstilsynet wrote, emphasizing:

Exchanging between different types of virtual currencies (eg from bitcoin to ethereum) is not included.

The regulator detailed that firms storing private keys on behalf of customers are considered to be involved in “the transfer, storage or purchase of virtual currency” and are therefore included in the new regulations. However, “Storage solutions that do not store private cryptographic keys (often referred to as non-custodial wallets) are not covered by the regulations.”

Impact on Customers

Under the new rules, affected providers must register with Finanstilsynet and provide necessary documents, the agency described, noting:

Consequently, customers must expect to identify and receive questions such as the purpose of a transaction or the origin of funds, etc.

The rules also impose reporting requirements on crypto service providers. However, “Individuals who buy or sell their own virtual currencies for private purposes” and those who occasionally “assist friends and acquaintances with the purchase and sale of virtual currencies” will not be subject to the reporting requirements under the new money laundering rules, the regulator detailed.

What do you think of Norway’s new rules for crypto providers? Let us know in the comments section below.


Images courtesy of Shutterstock and Finanstilsynet.


Need to calculate your bitcoin holdings? Check our tools section.

The post Norway Establishes New Rules for Crypto Service Providers appeared first on Bitcoin News.

No comments

HTC, 연내 블록체인 기반 스마트폰 엑소더스 출시

대만 스마트폰 제조업체 HTC가 블록체인 기반 스마트폰 출시를 준비하고 있다고 15일(현지시간) 코인데스크가 보도했다. 제품명은 엑소더스(Exodus)다. 그동안 일부 스타트업에서 블록체인 기반 스마트폰을 공개한 적은 있지만 메이저...