Norway Establishes New Rules for Crypto Service Providers

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Norway Establishes New Rules for Crypto Service Providers

Sat Oct 06, 2018 4:55 pm

The Financial Supervisory Authority of Norway is enforcing new money laundering regulations that apply to crypto exchange and storage providers in the country. The law will go into effect on Oct. 15 and will affect companies established in Norway including branches of overseas companies.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

New Rules Effective Oct. 15
Finanstilsynet, the Financial Supervisory Authority (FSA) of Norway, announced Thursday that the country’s Ministry of Finance has established new money laundering regulations which apply to “Norwegian providers of virtual currency exchange and storage services.”

While the new rules will go into effect on Oct. 15, companies have until Jan. 15 next year to comply. “The law applies to reporting companies established in Norway, including branches of foreign companies,” the regulator clarified, adding:

Finanstilsynet will ensure that virtual currency exchange and storage providers comply with the money laundering rules. However, FSA does not have any tasks related to the monitoring of other areas of these providers, such as investor protection.



https://news.bitcoin.com/norway-crypto- ... providers/

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