Crypto-reporting requirement in Austria: Bitcoin ATM affected

The end of the anonymous Bitcoin purchase in Austria: as of today, have to register Crypto in the FMA. Customer data will be collected.

New commit crypto company registration

Generally speaking, the country is in the crypto sector as comparatively advanced. In the summer of 2018, we reported that some post offices IOTA tokens available should be. Last September, it was announced that the country will introduce about the local financial Supervisory authority FMA has a registration requirement for Crypto companies. Exactly, this duty of registration entered with the current day in a timely manner in the force. The custody services and companies that offer, for example, the trade with Altcoins, or Wallets you want to offer, need to log in to the supervision swiftly. Only then will you be allowed to offer their services. In this context, things are starting to change, and that’s just for normal consumer law. The reason is the implementation of the new Standards against the anonymous trading of digital currencies. It goes to the 5. Money laundering Directive of the European Union, by the name of AML5, which in many cases transferred already in the law.

Buy Bitcoin at the ATM: customer must identify him-or herself

This includes policies relating to a legitimacy of the clientele of service providers. So far, in the country there are three licenses of this type. The stock market Bitpanda about received in the second quarter of 2019, a license for the Austrian market. As a result of the announcements for mandatory registration has not been done until today, however, is too much. Nevertheless, it changes not the least for crypto buyers is Essential, if you want to refer to the crypto ATMs in the country Coins. So far, a normal Wallet for transactions submitted. Now need proof of identity. The anonymity of such purchases of Bitcoin, Ethereum and other currencies is null and void. And this is precisely the goal of the legislator or the EU, followed by the new legal framework. Interesting: The FMA requires the registration of companies with headquarters abroad. Without the approval of the market activities are prohibited in the future.

Small crypto-purchases remain legitimacy-exempt

Investors want to buy at the vending machine crypto-currencies, you need to keep a good photo ID ready. However, there are exceptions, to hear how on the part of the vending machine operator Kurant is. Customers, the transactions, plan for the equivalent of a maximum of 250 euros, do not need to legitimize seemingly continue. From this limit, but it needs a badge, which must be at the vending machines in the future, and saved scanned. So low is the time required for this procedure: the investors who trade regularly with larger sums of money at the vending machines in crypto-currencies, then the state in the context of the notification to the Supervisory authority. The transaction volume of each purchase will decide, collection accounts for ambitious investors do not want it to be. For the ATM provider is, of course, also: you are only allowed to remain active, when you register, and the comprehensive conditions to comply with, all of which are associated with the licensing.

Featured Image: Sebastian Ganso | Pixabay