Finland’s new cryptocurrency regulation forces AML on industry

Cryptocurrency businesses in Finland will now have to register with the country’s financial watchdog. As a result of the ACT OF VIRTUAL CURRENCY PROVIDERS, which comes into force on May 1, businesses will have to adhere with statutory requirements, including holding and protecting client money, segregating client money and own funds, and ensuring compliance with anti-money laundering regulation. The Act is based on the European Union’s anti-money laundering legislation and seeks to bring virtual currency providers within the scope of anti-money laundering regulation, in line with the 5th Anti-Money Laundering Directive (5th AMLD). “Going forward, only virtual currency providers meeting statutory requirements…

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