Austria’s FMA to Require License From All Crypto Businesses

[mlawson71]

Austria recently and unexpectedly implemented new Anti-Money Laundering legislation, putting cryptocurrency companies in a position that forces them to apply for license with the local financial regulator, the Financial Market Authority (FMA) because otherwise they cannot continue providing legitimate cryptocurrency services to users on Austrian territory.

In case these cryptocurrency companies do not apply for and receive such a license, they will incur a 200,000 EUR fee. According to the new legislation:
“the issuance and selling of virtual currencies as well as transferring them, trading and exchange platforms for them (irrespective of where virtual currencies are to be exchanged between one another or for legal tender payment instruments or vice versa) as well as providers of custodian wallets.”
Source

This could prove to be a good thing - regulation also means more access to cryptocurrencies for more people.