Austria:
Registration Requirement For Virtual Currency Services Also Applies To Licensed Entities
03 September 2020
Schoenherr Attorneys at Law
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Companies which would like to provide virtual currency services
in Austria (including exchange or transfer of virtual currencies or
the storing of cryptographic keys) are required to first register
with the Austrian Financial Market Authority (FMA). The FMA has
clarified that the registration requirement does not apply merely
to unregulated service providers, but also to already-licensed
domestic or passported EU service providers (including fully
licensed banks, e-money institutions or payment service providers).
Non-compliance may trigger significant administrative fines and
prohibition of the activities. More information about the
registration process can be found here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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