Finland now has a law for a cryptocurrency industry

The President of Finland Sauli Vainamo Niinisto approved the legislation that covers cryptocurrency0related services providers, including exchanges, trading platforms, crypto wallets and digital coin issuers. The law will take effect on May,1, according to the announcement made by the Finnish regulator (Fin-FSA) on Twitter. 

The Agency plans to hold a briefing for virtual currency providers on 15 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 announcement says.

Fin-FSA will be in charge for the cryptocurrency service providers. registration and supervision. The companies will have to comply with the legal requirements, including the requirement to hold the company’s money and clients’ money separately, observe AML rules. 

Only the companies that meet the legal requirements will be allowed to do business on the territory of Finland. 

“Going forward, only virtual currency providers meeting 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.“ 

Fin-FSA explained that the new requirements are based on amendments to EU Directive on anti-money laundering procedures.