Finland’s financial regulator has granted its first tranche of registrations to cryptocurrency firms, becoming the latest of a growing number of EU member states to give the sector official recognition.
Five virtual currency providers — LocalBitcoins, Northcrypto, Prasos, Prasos Cash Management and Tesseract Group — have been registered and brought under the scope of the Finnish regulator’s anti-money laundering (AML) remit.
As of this week, only those virtual currency firms which have been so registered are permitted to provide services in the country. The registration differs from a traditional payment services licence in that it does not confer passporting rights.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial