Norway’s financial regulator provides details on registration procedure for virtual currency businesses

Maria Nikolova

Under the new AML rules, virtual currency exchange providers will have to register with the Financial Supervisory Authority.

Norway’s Financial Supervisory Authority has earlier today updated its guidance to virtual currency businesses regarding the implementation of the new anti-money laundering rules. As FinanceFeeds has reported earlier, the new rules will apply to virtual currency exchange businesses too. One of the consequences of this is that they will have to register with the Authority.

In today’s update, the regulator provided more information about the registration procedure. Virtual currency businesses will need to send a request for registration to Finanstilsynet at [email protected] Another option is to use an online form KRT-1060.

There will be a transitional period, with the registration deadline being January 15, 2019.

Any applicant must provide basic information, such as its name, business number and address, as well as description of the services provided by the business. The applicants will also have to provide information (name, birthplace, etc) of their managers and board members. The regulator also requires information about a company’s AML policies.

If the information included in the registration request is incomplete, the regulator will not register the business.

The Ministry of Finance has established new money laundering regulations that come into force on October 15, 2018. The new regulations will cover Norwegian providers of virtual currency exchange and storage services. Let’s note that the law applies to companies established in Norway, as well as to Norwegian branches of foreign companies. The new rules also cover service providers that currently operate without being registered.

The regulator notes that it will make sure that virtual currency exchange providers comply with the new AML rules and that they are registered. However, the Authority will not be monitoring other aspects of the activities of these companies, such as investor protection.

Regarding compliance with the new AML rules, this implies the customers answering to questions about the purpose of a transaction and/or the origin of funds. Service providers will have to report suspicious transactions to the regulator.

Read this next

Institutional FX

CME Group reports solid FX volumes, micro BTC futures average 27K contracts

CME Group (NASDAQ: CME), the holding company for CBOT, NYMEX, and COMEX exchanges, has just released its trading monthly review for November 2021, which showed a mixed performance across the group’s six product lines, according to a CME statement.

Institutional FX

PrimeXM’s volume hits new all-time high at $1.23 trillion

Average daily trading volumes across PrimeXM data center locations surged by over a third to a new record last month amid broad growth across different asset classes, the Swiss-founded technology company said today.

Institutional FX

Hedge-fund legend Steven Cohen invests in Dmitri Galinov’s 24 Exchange

24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has completed a fresh fundraising round of $14.25 million at an undisclosed valuation. The recent capital injection was led by Point72 Ventures, the venture capital firm of the hedge fund titan Steven Cohen.

Retail FX

5 Tips to Diversify Your Portfolio

Diversification is a popular investment strategy that has been used for decades by many investors of the calibre of Warren Buffet. Traders and investors take advantage of diversification because it reduces the risk of a portfolio and maximizes its returns.

Uncategorized

FX volume at Integral hits a fresh yearly high at $50.6 billion a day

Currency trading on Integral’s platforms rose in November from a year earlier as increased volatility across financial markets led to greater activity on institutional FX venues.

Industry News

Wise planning aggressive North American expansion in 2022

Wise, one of the largest payment technology companies that are looking for different and easier ways to move money around the world, has announced that it would be looking to rapidly ramp up its team and its services in the North American region in 2022.

Digital Assets

Coinbase buys Israeli firm Unbound Security

Coinbase, one of the largest crypto exchanges in the US, has announced that it has bought the company named Unbound Security, an Israel-based firm dealing with the security of crypto transactions, for an undisclosed sum.

Digital Assets

Square changes name to Block, signalling Jack’s interest in blockchain

Square, one of the largest payment companies in the world that are deep into crypto as well, has announced that it would be changing its name to Block, perhaps signaling its increasing intent to delve deeper into the blockchain.

Institutional FX

Cboe reports rebound in FX institutional volumes for November

Cboe’s institutional spot FX platform on Tuesday reported ‎its trading volumes for November 2021, which saw a ‎positive performance as a rise in volatility encouraged more buying and selling ‎of currencies relative to the month prior.‎

<