From 2020, digital currencies will be included in the European system for preventing money laundering and terrorist financing. Companies offering virtual currency services will thus become subject to the supervision and control of the Financial Market Authority (FMA). The new provisions are based on the Fifth Anti Money Laundering Directive (Directive (EU) 2018/843), which in Austria was transposed into the Financial Market Money Laundering Act (Finanzmarkt-Geldwäschegesetz or FM-GwG). What was previously “reserved” for banks and financial service providers will in future also apply to any company offering virtual currency services. Specifically, wallet providers, crypto exchanges or trading platforms, peer-to-peer service providers, issuers of crypto assets and crypto asset teller machine operators will be covered. Such companies must identify their customers, check the origin of the funds and comply with any reporting and standstill obligations. Furthermore, companies offering virtual currencies must register with the FMA. Affected service providers have been able to submit applications to the FMA since 1 October 2019. Registration must be completed by 10 January 2020 at the latest and costs EUR 3,000.
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