Following the entry into force of the Virtual Currency Providers Act (572/2019), FIN-FSA has assumed the role of registration and supervisory authority for virtual currency providers. The Act, based on the European Union’s Fifth Money Laundering Directive, ensures that FIN-FSA registers virtual currency exchange services, custodian wallet providers, and issuers of virtual currencies. Virtual currency providers which do not comply with the new statutory requirements will be prohibited from continuing their business activities, enforced by a conditional fine.

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