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Bitcoin regulation: the Helsinki publishes rules catalog

the Finland wants to take his Bitcoin exchanges in the future, solid in the Hand. The Finnish financial market Supervisory authority publishes a catalog to reg

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Bitcoin regulation: the Helsinki publishes rules catalog
the Finland wants to take his Bitcoin exchanges in the future, solid in the Hand. The Finnish financial market Supervisory authority publishes a catalog to regulate the use of crypto-currencies on the relevant trading venues.

By Phillip Horch
30. April 2019BTC$5.286,00 1.26%part Facebook Twitter LinkedIn xing mail

From 1. May have Bitcoin-exchanges in Finland, a fixed contact, when it comes to the registration of new trading venues. This is the little surprise is likely to be the Finnish financial market Supervisory authority.

Accordingly, must register with the Financial Supervisory Authority (FIN-FSA) in the future the following providers:

trading places for the crypto-currency wallet provider, editor of crypto-currencies

The necessary registration with the competent authority should ensure, especially for regulatory compatibility.

Finnish Supervisory authority wants for more safety

Accordingly, the authority promises to check at the time of registration the following areas:

reliability of the provider of custody and safeguarding of customer money, separation from own holdings and customer deposits, marketing of compliance with anti - money laundering and anti-terrorist policies

Also announces the FIN-FSA, in the future, in the regulation of crypto currencies and especially the above providers more access. Accordingly, there may be penalties for a disregard of money:

In the future, can only take a crypto-currency providers that comply with the statutory requirements, its activities in Finland. Virtual currency providers, do not comply with the statutory requirements and may not continue their business, which is evidenced also by a fine.

Briefing for Bitcoin exchanges in planning

Ultimately, the Finnish regulatory authority promises to train their pupils accordingly. So it is on 15. May in Helsinki, a Briefing for the crypto sector. In this context, the authority stresses, however, that you can offer with the incoming policy does not protect investors:

crypto-currencies have gained as a system of objects is particularly important. In spite of the upcoming supervision and registration of the characteristics of crypto to stay currencies and the risks associated with virtual currency systems. Risks include sudden and severe fluctuations in the value of, threats to data security in connection with exchange services and custodian Bank operators, as well as the nature of multiple virtual currencies as a speculative investment without the inherent source of Return.

Ultimately, it will go so all of the protection against money laundering and terrorism.

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