The Finnish Financial Supervisory Authority (FIN-FSA) has published a list of registered cryptocurrency service providers to meet the European Union\u2019s money laundering standards. From 1 November 2019, only virtual currency providers who fulfill the requirements provided by legislation may practice activities in Finland. In the future all cryptocurrency operators that want to offer exchange services to European customers must get registered under the local FSA's.\r\n\r\nFinland is the first country to implement registration to meet the new 5AMLD directive\u2019s requirements.The deadline for the directive implementation is in January 2020, so the other member states will implement the national registration processes soon. Based on the initial proposals set by regulators across other member states like Financial Conduct Authority (FCA) in the UK and DNB in the Netherlands, the standards will follow closely the level that has been implemented in Finland.\r\nRegistration liability improves customer safety\r\nThe new directive improves customer safety in the industry as it demands companies to meet certain requirements for customer asset handling, anti-money laundering and reliable management. In Finland five operators met the requirements and got registered. Prasos, the leading cryptocurrency broker in the Nordics running the Coinmotion service, is the only operator which also has a payment institution license.\r\n\r\nThe directive against money laundering and terrorist financing has been expanded to apply to all cryptocurrency providers in the EU. Companies of the sector have generally reacted positively to the new regulation, as this would bring more pressure towards offshore providers operating outside the EU while serving European clients without any KYC\/AML standards.\r\n\r\nChief Compliance Officer of Prasos Jukka Karhap\u00e4\u00e4 sees it as a positive change:\r\n\r\n\u201cFor the end users, the registration brings transparency in the usage of cryptocurrency exchange services. Above all, the requirements of conducting customer due diligence and anti-money laundering and anti-terrorist financing requirements benefit consumers and businesses in the industry. It will also help to improve the general public trust and reputation of the growing cryptocurrency sector\u201d Karhap\u00e4\u00e4 states.\r\n\r\nPlease see the FIN-FSA\u2019s official announcement here.