Registration Requirement For Virtual Currency Services Also Applies To Licensed Entities

Companies which would like to provide virtual currency services in Austria (including exchange or transfer of virtual currencies or the storing of cryptographic keys) are required to first register with the Austrian Financial Market Authority (FMA). The FMA has clarified that the registration requirement does not apply merely to unregulated service providers, but also to already-licensed domestic or passported EU service providers (including fully licensed banks, e-money institutions or payment service providers). Non-compliance may trigger significant administrative fines and prohibition of the activities. More information about the registration process can be found here.

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