Austria, Ernst: crypto registration requirement starting in 2020
Crypto companies that want to appeal to in Austria, investors and customers need to sign up by 2020 with the competent FMA.
FMA published start date for mandatory reporting
Even if all the EU encouraged countries to comply with the revised requirements of the guidelines for the prevention of money laundering: in terms of the timing of the implementation for trading Bitcoin and Altcoins, as well as the introduction of digital currencies, developing countries have different schedules. While some States respond faster, make other countries a little more time. Recently, the German government informed of how it goes with the so-called Blockchain strategy. This includes Considerations for the introduction of digital securities module. In Austria, for the crypto world competent financial market Supervisory authority makes the proverbial nails with heads. You known, at the current time, which Changes will affect providers of digital financial will need to set the services for the coming year. The message indicates that the FMA would now like to proceed quickly. As of the date 10.01.2020 a reporting obligation for the Austrian market, will come into force.
Obligation to notify is intended to create more transparency
This means for companies that they must register prior to the market start with the authority. In April of this year, by the way, the Austrian stock exchange Bitpanda a crypto license from the Finma. The licensing process could serve as a model for the upcoming controls around the registration requirement. Whether companies in the future, offer exchanges for the trading of currencies of the Ark to Zcash, Blockchain services plan or via the IEO and ICO of your own Coins to start: you all have to make from the beginning of 2020 a registry. Only then, the FMA allowed the recording of transactions in the crypto sector. Starting this week, interested companies and service providers can submit applications. Early Action might be worthwhile. Because of the rapid growth of the market it could come in 2020 is quite some editing jam.
Problem or recognition for crypto companies?
This can in turn result in the applicant not be able to adhere to their own schedules. The starting point for the test procedure, the rules of the so-called 5 is. Money for a Directive of the European Union Laundry. This, in turn, had law extensive influence on the Austrian financial market-money-laundering. It is not only the strengthening the fight against money laundering. Also the financing of international terrorism wants to put the authority in Austria, it has a bar. By the way: Also Wallet services, and Mining companies need to register if you want to offer, in Austria, services. The FMA highlights crypto-companies with the introduction of the reporting obligation is on a par with banks, credit institutions and financial service providers from established lines of business. For investors trading Coins like Ethereum or Litecoin, to bring the new legal situation, of course, more transparency and security.
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