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The financial supervisory authority register five virtual currencies offered – the other not be allowed to work in Finland

the financial supervisory authority has registered five virtual currency provider, who now come to the money laundering regulatory scheme. At the beginning of November came into force the law will only register virtual currency providers can exercise their activities in Finland. New providers can start their activities in Finland only after the registration has been approved.

the Register was taken LocalBitcoins, north crypto, Prasos, Prasos Cash Management and the Tesseract Group.

the financial supervisory authority of leading the digitalization expert Hanna Heiskanen points out in the bulletin, that the registration and regulation of in spite of the virtual currency are in many respects still a risky investment.

the risk – as are, inter alia, the violent and sudden fluctuations in the value of, the location of the exchange and wallet service providers against information security threats, as well as a number of virtual currency-the nature of speculative investments.

Control is the EU national

the registration precondition of the financial supervisory authority has clarified that the-in substances has adequate means of money laundering and combating the financing of terrorism that customer funds are protected and that the executives meet the reliability criteria.

the Finns can continue to send customers in other countries working in virtual currencies services. Heiskanen recommends a thorough examination of the destinations.

– virtual currencies, prospective investors should check whether the service provider for some national authorities supervision. Risk is read carefully. Also, the contract terms should be read carefully, Heiskanen said.

the New legislation comes money laundering and prevention of terrorist financing on EU-directive, which is extended to virtual currency providers. National registration does not give right to provide services in other EU countries, but registration should take care in each country separately.

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