Norway issues new money laundering rules for crypto exchange

Norway issues new money laundering rules for crypto exchange

Norway issues new money laundering rules for crypto exchange

The Financial Supervisory Authority of Norway, Finanstilsynet, is reported to have enacted new money laundering rules. The regulator clarified that the new rules will be applicable to cryptocurrency storage providers and exchanges which are ”established in Norway, including branches of foreign companies”, adding that ”Finanstilsynet will ensure that virtual currency exchange and storage providers comply with the money laundering rules.” 

The obligations under the new Money Laundering Act also applies to platforms that facilitate trading and exchanges by connecting buyers and sellers; however, it excludes the cryptocurrency exchanges between different types of virtual currencies, such as from Bitcoin to Ethereum. The regulator also announced that firms storing private keys for customers are also bound to the new rules, as they are involved in ”the transfer, storage or purchase of virtual currency”.

The new rules will be enforced from October 15, 2018, and companies have until January 15, 2019 to be fully-compliant.

Read the rest of the story here.

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