Austrian cryptocurrency companies will be fined € 200,000 for non-compliance with new EU rules

From January 10, the Austrian financial regulator will be able to fine cryptocurrency companies that do notfollow the requirements of the Fifth European Union Anti-Money Laundering Directive (5AMLD EU). It is reported by Bitcoinist.

Firms working with virtual assets shouldRegister with your local Financial Markets Authority (FMA). When applying for a license, firms must prove that they have sufficient liquidity, resources and comply with all regulatory requirements.

FMA rules apply to activitiesrelated to the “issue, sale and transfers of virtual currencies” and relate to the work of trading and exchange platforms, as well as custodian wallet providers.

5AMLD EU will enter into force on January 10. She suggests that financial investigation authorities should be able to obtain information that allows you to link virtual currency addresses to the identity of the owner.

The directive also obliges national registries to disclose beneficiaries of companies registered in EU member states, and prohibits financial institutions from servicing anonymous accounts.

Recall that the Deribit cryptocurrency derivatives platform will replace the Netherlands with Panama due to the Fifth Directive.

Also, ForkLog previously reported that due to 5AMLD EU, the Bottle Pay micropayment service, the Simplecoin mining pool and the Bitcoin Chopcoin gaming platform were closed.