Crypto defaulters face $220K fine under Austrian FMA rules

Non-compliance with Austrian FMA rules can result in heavy fines for crypto businesses. Authorities in Austria will extract fine from crypto businesses of up to two hundred thousand dollars ($221,000) if they do not adhere to the licensing guidelines prescribed by the Austrian Financial Markets Authority. Austria is known to have a liberal outlook towards cryptocurrency or virtual currencies. Crypto trading is hugely popular in the country. However, all the crypto trading companies and operators will have to register under FMA. Additionally, they must provide sufficient proof of adequate liquidity, trading resources, and due diligence credentials. Follow Austrian FMA rules