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Mining

There is no specific regulation for mining activities. AMLA does not apply to mining acitivities. Also, mining of crypto assets itself is generally not a financial service under Financial Services Act:

  • this is the case at least where the token is not a financial instrument (e.g. pure payment or utility token)
  • if the mined token is a financial instrument (e.g. types of securities token), miner could qualify as a financial service provider depending on how close and concrete the contractual client relationship as regards to financial services (acquisition of disposal or receipt and transmission of orders in relation to financial instruments)
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