AUSTRIA Trends and Developments Contributed by: Oliver Völkel, CERHA HEMPEL
The Austrian FMA – A Key Player in the EU Crypto- Asset Landscape Austria has established itself across Europe as a stable and innovation-friendly location in the field of crypto- assets, supported by reliable infrastructure and a high level of expertise. The Austrian FMA is well regarded among international market participants, in particu - lar due to its exceptionally strong understanding of blockchain and distributed ledger technology (DLT) and of virtually all business models within the crypto- industry. Several factors contribute to this perception: • English as default – most importantly, the Austrian FMA accepts communication in English, not only in regular emails but also with respect to all docu - ments that need to be prepared and submitted by applicants in licensing proceedings. • Ample experience – as national supervision initially exercised restraint in imposing strict regulations during the rise of the crypto-sector, companies
were able to develop their activities with relative freedom. This allowed the Austrian FMA to build extensive experience across a wide range of busi - ness models in the crypto-industry. • Preliminary discussions – the Austrian FMA actively encourages all interested companies to contact it as early as possible to allow sufficient time for preparation and co-ordination. Those companies that are already making concrete preparations to apply for authorisation as CASPs in Austria are invited to inform the FMA of their interest by scheduling an introductory meeting. Details of how to contact the FMA can be found in its roadmap for CASPs. • Central location – Austria’s central location in Europe is a plus. Additionally, it shares a border with Switzerland where many protocols set up Swiss foundations in the past. This proximity and the shared German language allow for easy EU- market entry from Switzerland.
57 CHAMBERS.COM
Powered by FlippingBook