Crypto businesses in Austria can be fined up to 200,000 EUR (above $221,000) starting from tomorrow, if they do not operate under the country’s new licensing requirements.
Austria’s FMA Calls Crypto Firms to be Counted
Austria, one of the more liberal countries when it comes to crypto trading, will require all operators within the country to register with the Financial Markets Authority (FMA). License applications must prove the business has sufficient liquidity, resources and performs due diligence, or face the hefty penalty fine.
The Austrian FMA has enforced the rules in a recent legal notice. The new regulations will affect activities related to ‘”the issuance and selling of virtual currencies as well as transferring them, trading and exchange platforms for them (irrespective of where virtual currencies are to be exchanged between one another or for legal tender payment instruments or vice versa) as well as providers of custodian wallets.”
The requirements may be especially hefty for small-scale exchanges and brokerages operating in the…
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Author: Christine Vasileva