Austria has introduced a new law against money laundering. In this regard, since this year cryptocurrency companies operating in Austria must apply for a license from the Financial Markets Authority (FMA). License applicants must show the Austrian financial watchdog that they have sufficient ability, consistency and solvency to conduct a cryptocurrency business.
An attempt to sell digital assets without a license to citizens of the country will cost the legal entity a fine of 200 thousand euros. The new rules are part of the implementation of the fifth Anti-Money Laundering Directive (AMLD5), which gives a broad definition of crypto assets and qualifies them as “financial instruments”. By the definition, strict rules apply to security tokens as well.