Wallet providers & AML

AML laws and regulations and its duty of due diligence applies if the service provider maintains the private key. Custodian wallet provider: AMLA applies (Supervision & AML) provides safekeeping and enables clients to send and receive crypto assets if order the transfer of cryptocurrencies for clients, a payments transaction service is provided has access to … Continued

Wallet App Developers

Wallet App Developers Development of software that enables users to manage their tokens does not constitute a financial service under Financial Services Act, even if the tokens themselves are financial instruments (i.e. types of securities token). Wallet App Developers are thus usually not regarded as financial intermediaries and not subject to the AML laws and … Continued

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