Norway’s Financial Supervisory Authority has announced that its new money laundering regulations will go into effect on the 15th of October. The new rules will require Norway’s digital currency exchanges and cryptocurrency storage services to properly register with regulators and comply with the provisions of the Money Laundering Act.
According to Norwegian regulators, the FSA will be responsible for ensuring that exchanges are properly registered in accordance with the law and in full compliance with all relevant AML regulations. The new rules will be applied to all domestic cryptocurrency exchanges as well as foreign entities with branches in Norway. Those rules will require exchanges to provide data about their management teams, services, and transaction details. Providers will also be required to report all suspicious transactions.
Regulators have said, however, that they will not be monitoring investor protections or other service issues. In addition, certain services may not be subject to the new rules:
All exchanges between virtual currency and official currencies from all countries are included. This applies regardless of the form of payment, ie if you buy / sell virtual currency by credit card, cash, e-money, etc. Changes between different types of virtual currency (eg from Bitcoin to Ethereum) are not included.
Furthermore, the retention of private cryptographic keys on behalf of customers involves the transfer, storage or purchase of virtual currency. Storage solutions that do not store private cryptographic keys (often referred to as non-custodial wallets) are not covered by the regulations.
The new regulations include a transitional period ending on January 15, 2019, with the clear implication that crypto entities must be registered by that date.