Norway cryptocurrency regulation

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• Crypto execs head to Capitol as Congress mulls regulations
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• Can cryptocurrencies and their vast energy use co-exist with Singapore’s green goals?
• Democratic Senator says he wants to make Michigan a pro-bitcoin state. What does that mean?
• UNODC launches training to tackle cryptocurrency-enabled Organized Crime
• Disqus facing $3M fine in Norway for tracking users without consent
• Bitcoin ETN
• Blockchain & Cryptocurrency Laws and Regulations 2022 | Norway

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Crypto execs head to Capitol as Congress mulls regulations

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Keep up to speed on legal themes and developments through our curated collections of key content. Last week, the European Commission launched a bold new Digital Finance Strategy, as outlined in our previous blogpost. As markets in crypto-assets have evolved, authorities across the world have been prompted to consider whether there are unintentional gaps in existing regulatory frameworks that ought to be closed.

A lack of legal certainty has also been seen as a barrier to safe innovation in digital finance. EU authorities have been further concerned that differing national responses may lead to fragmentation within the single market. It seeks to establish a harmonised EU regime for the regulation of crypto-assets. The intention is for the new regime to be directly applicable in all EU member states, replacing existing national frameworks applicable to crypto-assets.

This will inevitably raise questions for some national regulators in relation to the transition process and the treatment of entities approved under existing regimes. However, it seeks to avoid regulatory overlap at an EU-level by carving out crypto-assets that are otherwise regulated as financial instruments, e-money except where they qualify as e-money tokens under MiCA , deposits, structured deposits or securitisations.

Three new categories MiCA establishes separate frameworks in respect of three distinct categories of crypto-assets: e-money tokens, asset-referenced tokens and other crypto-assets. Issuers of crypto-assets that meet the criteria under the applicable regime will be permitted to offer those crypto-assets to the public or admit them to trading anywhere in the EU.

Conversely, anyone across the globe issuing crypto-assets that could be subscribed for in the EU may be subject to these requirements. The e-money token regime is intended to capture tokens that commercially function as electronic money, including those that may be structured in a way that means they are not caught under the existing Electronic Money Directive.

The drafters have sought to include equivalent requirements in order to avoid regulatory arbitrage between the two regimes. The new regime also seeks to cater for token-specific risks as well as the possibility of systemically important issuances, which are not addressed under the EMD. This regime which would likely have applied in relation to the original Libra proposal is intended to be the most stringent of the three, given the potentially heightened risks posed by these types of instrument in relation to market integrity, financial stability and monetary policy.

The key features of the regime are summarised in the table below. Other crypto-assets. This regime is intended to be a catch-all, to cover all crypto-asset issuances that are not covered by other regimes. The approach provides for a degree of regulatory oversight and control without burdening authorities with having to approve every issuer or issuance in advance.

New authorisation requirement MiCA requires anyone seeking to provide crypto-asset services in the EU for example, in relation to custody, trading, exchange, brokerage, promotion or advice to have been authorised in an EU member state for the services it wishes to undertake. For this purpose, it needs to establish a registered office in that state. An authorisation provided by one EU member will be valid across the EU.

Authorised service providers must comply with a list of general requirements as well as the additional specific requirements applicable to the particular services they provide. Crypto-asset service providers will also need to be mindful that their authorisations may be withdrawn if they fail to comply with national implementations of EU legislation in respect of money laundering or terrorist financing.

MiCA also seeks to establish market abuse rules for crypto-asset markets. Under the proposal, crypto-assets that are admitted to trading on a crypto-asset trading platform that is operated by a crypto-asset service provider would be subject to the new rules.

The rules include requirements relating to the disclosure of inside information as well as prohibitions on insider dealing, unlawful disclosures of inside information and market manipulation. Finally, it is worth noting that the proposed regime also includes mechanisms by which national authorities can review and control direct or indirect acquisitions of capital or voting rights in issuers of asset-referenced tokens and crypto-asset service providers.

This period may be extended if the authority requires further information. The aim is to have the three regulations in the Digital Finance Package in full effect by In the meantime, many market participants will want to consider the impact of the proposal on their business models and structures.

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Horizon Scanning. Our toolkits curate in-depth content on a particular legal theme or topic. Some of the products are offered on a subscription basis. Back Careers. How would you like your page printed? Register here. The European Commission has proposed a comprehensive new regime to regulate the crypto-asset industry.

The proposal imposes disclosure and authorisation requirements on crypto-asset issuers and service providers which serve European markets. It also impacts other market participants as well as potential acquirers of certain institutions in the industry. Market players across the globe will need to consider if and how this could affect their business models and structures in the run-up to adoption. Plugging the gap As markets in crypto-assets have evolved, authorities across the world have been prompted to consider whether there are unintentional gaps in existing regulatory frameworks that ought to be closed.

In relation to in-scope crypto-assets, it covers: the regulation of crypto-assets to be offered to the public or admitted to trading on a trading platform in the EU the regulation of crypto-asset service providers a market abuse regime for crypto-assets admitted to trading on a trading platform operated by a crypto-asset service provider a mechanism for the oversight of material acquisitions in respect of issuers of asset-referenced tokens as defined below and crypto-asset service providers.

Crypto-asset issuances Three new categories MiCA establishes separate frameworks in respect of three distinct categories of crypto-assets: e-money tokens, asset-referenced tokens and other crypto-assets. E-money tokens The e-money token regime is intended to capture tokens that commercially function as electronic money, including those that may be structured in a way that means they are not caught under the existing Electronic Money Directive. However, issuers that do not grant such rights are required to put in place mechanisms to ensure the liquidity of the tokens.

Other crypto-assets This regime is intended to be a catch-all, to cover all crypto-asset issuances that are not covered by other regimes. You will need to log in or register to view the content Log in Register Linklaters user? Sign In. Your details Your organisation details. Business email. First name. Last name. Organisation name. Linklaters Contact. Promo code. Reset password Please enter the email address you used when registering.

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Reset password Back. A type of crypto-asset the main purpose of which is to be used as a means of exchange and that purports to maintain a stable value by referring to the value of a fiat currency that is legal tender. Required form of issuer. Legal entity established in the EU. Issuer must be authorised as a credit institution or electronic money institution.

Whitepaper must meet all relevant mandatory disclosure requirements set out in MiCA and be notified to the competent authority at least 20 working days before publication. Ongoing obligations. Issuer must comply with all ongoing requirements applicable to electronic money institutions.

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The digitalisation of the financial sector is continuing at pace, with demand for retail crypto assets growing exponentially. The potential benefits of these technologies — to increase payment efficiency, reduce cost and expand financial inclusion — have been widely acknowledged by regulators. However, regulators have also highlighted concerns around the possible risks and are stepping up warnings to consumers and investors. They are also beginning to differentiate their approaches depending on the structure of the asset. Use has expanded into wholesale financial market players and large corporates, with additional proposals developing around larger-scale public participation. And yet, a progress report from the FSB reveals that implementation of its recommendations for global stablecoin supervision remains at an early stage, with many jurisdictions considering different approaches. To limit regulatory arbitrage and market fragmentation, the FSB has called on international regulators to co-operate and accelerate efforts.

Can cryptocurrencies and their vast energy use co-exist with Singapore’s green goals?

The taxation of cryptocurrencies has managed to attract strong interest even among the general Finnish population. A key reason has been the perceived unfairness of crypto taxation, because a private person pays taxes on crypto gains but has been unable to deduct losses. Luckily, recent case law brought change to this asymmetry. For the rest, there is little case law. The Tax Administration strived to fill in legislative gaps through its and guidances focusing on income tax and VAT aspects and its guidance on valuation of cryptocurrency for gift and inheritance tax purposes. Blockchain technology has also attracted the interest of other authorities. Below, I briefly discuss selected recent developments in Finnish crypto taxation, namely, the deductibility of losses for private persons, crypto-crypto trades and initial coin offerings ICOs.

Democratic Senator says he wants to make Michigan a pro-bitcoin state. What does that mean?

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. Christopher Griffin, Emma German and Holly Brown have authored the Jersey chapter of Global Legal Insight's fourth edition guide to blockchain and cryptocurrency regulation. The chapter covers the Jersey legal requirements relating to cryptocurrency and blockchain, including government attitude and definition, taxation, money transmission laws and AML requirements, mining and licensing requirements. Jersey enjoys a sophisticated legal, regulatory and technological infrastructure, supporting development and innovation in fintech including:.

UNODC launches training to tackle cryptocurrency-enabled Organized Crime

A virtual currency is a digital representation of value that is neither issued by a central bank or a public authority, rarely attached to a fiat currency, but is accepted by a growing number of natural or legal persons as a means of payment and can be transferred, stored or traded electronically. Cryptocurrencies are virtual currencies which are secured using cryptography. Virtual and cryptocurrencies are distinguishable from money that derives its value from government regulation or law fiat currency. These non-traditional currencies are also distinguishable from electronic money e-money which is the digital representation of fiat currency. Cryptocurrencies are decentralised and convertible. Examples of cryptocurrency include Bitcoin, Ethererium and Lifecoin.

Disqus facing $3M fine in Norway for tracking users without consent

Cryptocurrencies: Legal, treated as property Cryptocurrency exchanges: Legal, must register with the Financial Services Agency. Under the new rules, cryptocurrency custody service providers that do not sell or purchase crypto assets fall under the scope of the PSA while cryptocurrency derivatives businesses fall under the scope of the FIEA. Cryptocurrency exchange regulations in Japan are similarly progressive. In Japan, exchange-based regulations primarily aimed at protecting market integrity, users, investors, and exchanges, must observe certain record-keeping requirements and provide the FSA with an annual report. Subsequent amendments in and updated this requirement to include checking customer identification and to cover custodian services providers.

Bitcoin ETN

The market for virtual assets and currencies has been growing rapidly in Norway over recent years, and growth has been especially strong over the past year, according to the Financial Market Report by the Norwegian government. Cryptocurrency has received a level of attention that very few other investment options have received. A survey conducted by Arcane Research a division of Norwegian investment company Arcane Crypto , in cooperation with EY, shows that , Norwegians approximately 7 per cent of the total population own cryptocurrency

Blockchain & Cryptocurrency Laws and Regulations 2022 | Norway

RELATED VIDEO: 3 Ways Governments Can Regulate Bitcoin

As the global use of cryptocurrencies continues to gather momentum, what are the potential risks and implications for compliance professionals and how can they stay a step ahead of money launderers? Bitcoin, arguably the most widely recognized cryptocurrency, is fast approaching a decade of existence. In January , the first version of Bitcoin was released and later that month the first ever Bitcoin transaction was concluded. Find out how World-Check Risk Intelligence can help you meet your regulatory obligations. Virtual currencies are traded on peer-to-peer networks that criss-cross the globe and rely on market demand to determine their relative prices.

As of , blockchain technology is still not very widespread in Norway, but has developed somewhat within the last year. Recent key applications of blockchain and other distributed ledger technologies in business sectors in Norway include:. The use of digital tokens and virtual assets is still not very widespread in Norway, however Norwegian residents have demonstrated an increased interest in these assets within the last year see Question Recent success stories regarding the implementation of NFTs in Norway include:. In June , the Norwegian Transparency Act was passed to support fundamental human rights and decent working conditions in connection with the production of goods and services.

Three U. In a joint statement on cryptoasset policy, the Fed's Board of Governors, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency again acknowledged that "the emerging cryptoasset sector presents potential opportunities and risks for banking organizations, their customers and the overall financial system. The agencies said that as more financial institutions "engage in cryptoasset-related activities," it is important for them to "promote safety and soundness, consumer protection, and compliance with applicable laws and regulations" - particularly around anti-money laundering and illicit finance.