Norway: new money laundering regulation to come into force soon

Crypto News

Concerned about the current dynamics of cryptocurrency platforms, exposed to many risks of hacking and theft, Finanstilsynet the 08Norvégienne Financial Supervisory Authority has announced the new anti-money laundering regulation in the country’s Ministry of Finance. Foreign exchange and digital storage service providers are affected by this edict.

Norwegian government warns of piracy risks

The entry into force of the new regulation is scheduled for October 15, a good time to put order in the organization of crypto-platforms and crypto-stock exchange services that are today affected by fraud and corruption. hackers of all kinds hackers . Finanstilsynet reports that “the law applies to reporting companies established in Norway, including branches of foreign companies. “

Crypto-exchanges will be subject to this regulation so that transfers, storage and private keys are properly controlled. To do this, specific procedures must be followed, namely registration with Finanstilsynet for regularization purposes. According to the report, “customers should expect to identify and receive questions such as the reason for a transaction or the origin of funds. “

A principle and an exception

In addition, suppliers should not be considered in the same way, because the activities of crypto-exchanges are different from the exchanges between individuals . Also, “individuals who buy or sell their virtual currency for private purposes” will not be affected by this declaration to Finanstilsynet. It is the same for individuals who “occasionally sponsor friends and acquaintances when buying virtual currencies”

What do you think of this new Norwegian regulation on foreign exchange providers? React and give your opinion in the comments section.


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