The president of Finland has approved a law to regulate cryptocurrency service providers including exchanges, custodian wallet providers and issuers of cryptocurrencies. This is literally the exact opposite of what we are seeing right now in countries like India.
Law to regulate cryptocurrency service providers in Finland
The law will enter in force next week after which the cryptocurrency service providers in Finland will need to go and register with the country’s financial supervisory authority and of course meet the statutory requirements as required by these new laws.
This sounds a lot like what we have been seeing recently from countries like Japan and France. Actually considering what France particularly has been pushing forward recently with announcements for example that firms that opt-in to be regulated in France are then guaranteed a bank account in France which when we look at the problems globally that the cryptocurrency industry has had particular banking and getting banking partners, that is actually really very big. As well as the previous announcements around ICO regulations, being very friendly towards ICOs and Crypto Visa’s and now this news out of Finland.
The fact that this year, Japan is planning on pushing a crypto agenda at the G20 meeting, we could hope to see some actual positive regulations happening at a much larger scale.