The Financial Supervisory Authority of Norway has amended the Crypto Assets Regulation to incorporate Commission Regulation (EU) 2024/1504 into Norwegian law. The measure establishes procedural rules for imposing infringement fines and periodic penalty payments on issuers of significant asset referenced tokens and significant e-money tokens. While the EU regulation assigns these powers to the European Banking Authority, adaptations under the European Economic Area Agreement give the EFTA Surveillance Authority responsibility for entities established in European Economic Area and European Free Trade Association states.
Financial Supervisory Authority of Norway adopts procedures for ESA penalties on significant token issuers
The Financial Supervisory Authority of Norway has adopted procedural rules for penalties against issuers of significant asset referenced and e-money tokens. Under European Economic Area adaptations, the EFTA Surveillance Authority will exercise these powers over entities established in European Economic Area and European Free Trade Association states.