Service of financial-budgetary supervision of Norway (Finanstilsynet/FSA) ordered the stock exchanges and exchangers to comply with new regulations within the law on combating money laundering if they offer Depository services, reports Coinpedia.
The rules will come into force on 15 October, but companies have time till January 15 to bring the work into compliance with them. The new provisions will apply to all branches of foreign companies. The financial regulator said:
Finanstilsynet will ensure that the trading of virtual currencies and Depositary services the law on combating money laundering. However, the FSA does not intend to follow other aspects of the work of these companies, in particular, how they protect investors.
The new rules will operate in respect of the services of exchange Fiat currencies to crypto-currencies like the Norwegian crown, and later will be extended to fully cryptocurrency platform.
Clarification of the regulator are designed to help users to avoid misunderstandings. The new rules apply to trading and exchange services, providing customers with the purses with a private cryptographic key, while the exchange, is not offering deposits remain on the sidelines.
Companies that belong to the category subject to settlement, will need to be registered to Finanstilsynet and to comply with the law on counteraction to money laundering. They will need to provide information about the management personnel, services, transaction details, and report any suspicious transfers.
The law does not apply to individuals occupying a cryptotrading.