Austrian Crypto Companies To Face Fines If They Break Regulatory Rules

1w
1m read
Summary

In this regard, since this year cryptocurrency companies operating in Austria must apply for a license from the Financial Markets Authority (FMA). Select the text and press CTRL+ENTER Read something else important US SEC’s OCIE Puts Financial Technologies on Priority List for 2020 The French AMF Has Published Licensing Rules for Crypto Companies Uzbekistan Bans Crypto Purchases License applicants must show the Austrian financial watchdog that they have sufficient ability, consistency and solvency to conduct a cryptocurrency business. The new rules are part of the implementation of the fifth Anti-Money Laundering Directive (AMLD5), which gives a broad definition of crypto assets and qualifies them as “financial instruments”. Image courtesy of Coindoo Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies Found a mistake?

Article Preview

Austria has introduced a new law against money laundering. In this regard, since this year cryptocurrency companies operating in Austria must apply for a license from the Financial Markets Authority (FMA). License applicants must show the Austrian financial watchdog that they have sufficient ability, consistency and solvency to conduct a cryptocurrency business. An attempt to sell digital assets without a license to citizens of the country will cost the legal entity a fine of 200 thousand euros. The new rules are part of the implementation of the fifth Anti-Money Laundering Directive (AMLD5), which gives a broad definition of crypto assets and qualifies them as “financial instruments”. By the definition, strict rules apply to security tokens as well.

09.01.2020  |   in Legislation US SEC’s OCIE Puts Financial Technologies on Priority List for 2020 Strengthening...

Read the full article @ Bitnews Today