Norway Establishes New Rules for Crypto Service Providers

The Financial Supervisory Authority of Norway is enforcing new money laundering regulations that apply to crypto exchange and storage providers in the country. The law will go into effect on Oct. 15 and will affect companies established in Norway including branches of overseas companies.

New Rules Effective Oct. 15

Finanstilsynet, the Financial Supervisory Authority (FSA) of Norway, announced Thursday that the country’s Ministry of Finance has established new money laundering regulations which apply to “Norwegian providers of virtual currency exchange and storage services.”

Affected Crypto Providers

The law also applies to “platforms that facilitate trading and exchanges by connecting buyers and sellers,” Finanstilsynet wrote, emphasizing:

The regulator detailed that firms storing private keys on behalf of customers are considered to be involved in “the transfer, storage or purchase of virtual currency” and are therefore included in the new regulations. However, “Storage solutions that do not store private cryptographic keys (often referred to as non-custodial wallets) are not covered by the regulations.”

Impact on Customers

Under the new rules, affected providers must register with Finanstilsynet and provide necessary documents, the agency described, noting:

The rules also impose reporting requirements on crypto service providers. However, “Individuals who buy or sell their own virtual currencies for private purposes” and those who occasionally “assist friends and acquaintances with the purchase and sale of virtual currencies” will not be subject to the reporting requirements under the new money laundering rules, the regulator detailed.