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

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<