Meginmál

The Central Bank supervises to ensure that the activities of crypto-asset service providers, which are considered as obliged entities, comply with Act no. 140/2018 on Measures against Money Laundering and Terrorist Financing, cf. Chapter X of the Act.

In accordance with point 25 of Article 3 of the Act, a crypto-asset service provider is to be understood as a legal or natural person who:

  • converts crypto-assets into currency or electronic money,
  • converts currency or electronic money into crypto-assets,
  • converts crypto-assets into other crypto-assets,
  • holds, sells or transfers crypto-assets on behalf of another natural or legal person,
  • provides services in connection with the issuance, auction or sale of crypto-assets,
  • is a service provider of digital wallets, or
  • in some other manner has control over the crypto-assets for commercial purposes, cf. point 8 of Article 3 of the Act.

A digital wallet service provider is to be understood as a natural or legal person who offers custody services for private key virtual assets, whether it be with software, a system or another type of medium to manage, store and transfer virtual assets, cf. point 20 of Article 3 of the Act.

Virtual asset service providers are required to register in accordance with Article 35 of the Act, cf. Rules No. 151/2023 and No. 152/2023.

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