Crypto, why s(ec)urely! - Reden wir über Geld

Harmonised rules now apply throughout Europe for crypto. What does that mean for you?

Previously crypto-assets service providers were only required to observe anti-money laundering rules. A wide range of stricter rules (MiCAR) now exists that ensures greater security, transparency and fairness.

Licensing requirement

Crypto-assets service providers now require a licence to conduct activities in the EU. These include: crypto-brokers and trading platforms, wallet providers and crypto-asset custodians, as well as crypto investment advisers and third-party managers of crypto-assets. Anyone holding a licence in an EU country is able to offer their services throughout the EU.

An illustration showing three padlocks that are chained together.

High security standards

Crypto-assets service providers are required to operate transparent business models and disclose their structure and processes, to hold enough capital, to manage customers’ crypto-assets separately from their own, and to ensure robust risk management.

Clear complaints procedure

There must be a complaints unit and crypto-assets service providers are required to meet specific obligations regarding the processing and resolving of complaints.

White papers

Documentation must be drawn up and published if new crypto-assets are offered that provide investors with clear, understandable information about the crypto-assets’ purpose, technology and risks.

A padlock in front of a background of rows of binary numbers.

IT Security

Crypto service providers are required to protect their IT systems better against cyber attacks, hacks and software errors, and to draw up contingency plans. The cryptomarket’s technical security is also increased in this way.

Combating dubious providers

Any active unlicensed provider must reckon with sanctions. You are better protected from dubious practices, while also ensuring a clean market.

Fair markets

Clear rules exist to prevent prices or trading volume from being manipulated, from creating false market conditions, and to preventing investors from being misled and defrauded. This is intended to guarantee fair trading conditions for all investors.

The new strict rules under MiCAR make the Austrian crypto-market more secure and transparent. As a consumer, you are able to rely on crypto-assets service providers working in a clearly regulated environment, and are better protected as a consumer. You can check whether providers are authorised via our Company Database. This allows you to clearly tell authorised providers and (potential) crypto-asset fraudsters apart.