FIN-FSA issued new guidelines for virtual currencies as well as expanding the scope of measures to prevent money laundering and financial terrorism to cover virtual currency providers.
At the same time, the regulator extended the scope of application of the FIN-FSA Standard 2.4 “Customer due diligence; Prevention of money laundering and terrorist financing” to cover virtual currency providers from 1 December 2019 onwards.
The regulations and guidelines present the FIN-FSA’s regulations, guidelines, recommendations and interpretations applicable to virtual currency providers concerning the holding of client money as well as compliance with legal provisions on customer due diligence and other anti-money laundering and counter terrorist-financing legislation.
Virtual currency providers operating in the market prior to the Act coming into force must submit an application for registration with the FIN-FSA by 18 August 2019 in order that their qualification for registration can be assessed by 1 November. New providers considering the launch of activities after the entry into force of the Act may only provide services to customers after their applications for registration have been processed and approved.