Introduction
The Norwegian Financial Supervisory Authority (Finanstilsynet) has introduced new anti-money laundering (AML) regulations targeting cryptocurrency exchange and storage providers. These rules, effective from October 15, apply to both domestic firms and international branches operating in Norway.
Key Details of the New Regulations
1. Effective Date and Compliance Timeline
- Enforcement Date: October 15
- Deadline for Compliance: January 15 of the following year.
- Scope: Applies to all entities registered in Norway, including foreign branches.
Finanstilsynet emphasized:
"We will ensure crypto providers adhere to AML rules, but our oversight excludes areas like investor protection."
2. Affected Crypto Services
Covered Activities:
- Crypto-fiat exchanges (e.g., BTC/NOK).
- Custodial wallet services (holding private keys).
- Trading platforms connecting buyers/sellers.
Exemptions:
- Non-custodial wallets (user-controlled keys).
- Crypto-to-crypto trades (e.g., BTC/ETH).
👉 Explore compliant crypto solutions
3. Customer Requirements
Under the new rules:
- Identity Verification: Mandatory for all users.
- Transaction Queries: Providers may ask about purpose/fund origins.
- Reporting Thresholds: Excludes private, small-scale peer-to-peer trades.
FAQ Section
1. Who must comply with these regulations?
All crypto service providers registered in Norway, including foreign branches.
2. Are decentralized platforms affected?
Only if they facilitate fiat transactions or custody services.
3. What happens if a provider fails to comply?
Finanstilsynet may impose penalties or revoke licenses.
👉 Learn more about AML best practices
Conclusion
Norway’s move aligns with global efforts to regulate crypto while balancing innovation and security. Providers should review their operations to meet the January 15 deadline.
Keywords: Norway crypto regulations, AML compliance, Finanstilsynet, custodial wallets, crypto-fiat exchange, non-custodial exemption, identity verification.
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