Denmark’s Authorities: Bitcoin is Not Regulated Here

denmark17 Dec 2013 / CoinDesk – Denmark’s Financial Supervisory Authority (FSA) today issued an official statement on the use of virtual currency in the country – and surprisingly, it’s not all bad news.

Although the FSA’s statement echoed warnings issued by the European Banking Authority (EBA) and red flags from regulators worldwide, it emphasised that cryptocurrencies, including bitcoin, will not be policed by Denmark’s financial regulators.

The statement highlights that virtual currency isn’t covered by Denmark’s existing regulatory framework. Thus, cryptocurrencies cannot be subjected to the country’s standard financial regulation.

According to the FSA, doing business with bitcoin and other cryptocurrencies does not qualify as issuance of electronic money, currency exchanges, brokerages or deposit services. The regulator stated:….. Read more

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