Sauli Niniste – President of Finland – approved the introduction of the law on regulating the work of cryptocurrency service providers. The law covers providers of cryptocurrency wallets, issuers of digital currencies and currency exchange services of cryptocurrencies, exchanges for exchanging bitcoins.
Such a law, according to information from the Finnish Financial Supervision Authority of Finland, will begin on May 1. Now all service operators that are related to cryptocurrency will be required register with the management of financial supervision. They will also be obliged to comply with a large number of legal requirements. For example, now each registered service undertakes to build mechanisms for saving each client’s funds and protecting them. Also, the mechanism involves the complete separation of client funds from the service’s own money.
Services that will be registered, and will fully comply with the requirements of the legislation, will be able to continue their work in the country – and do it officially. Those services that do not go through the registration procedure or will have violations will incur sanctions (fine). In some cases, a ban on the conduct of activities will be issued.
However, the law has the possibility of delayed action – any company can continue to work in the country until the beginning of November – this is the final date of registration.
According to representatives of the Directorate, each country in the European uniоn must amend the legislation – and organize fair and convenient conditions for the work of the cryptoindustry. At the moment, registration in Finland will not give opportunities to work in other countries. One of the major Finnish companies has already made a statement that it is working on the creation of a complex (four-level) user verification systеm.
02.05.2019
