Sweden’s financial regulator, Finansinspektionen, has said that it is examines two local digital currency exchanges to determine how effectively they meet the requirements of the anti-money laundering regulations.

Finansinspektionen, known in Sweden as FI, said that they have selected two leading stock exchanges in Safello and Goobit to learn more about how companies put the law into practice when they trade with customers.

The stock exchanges have a total market value of approximately SEK 570 million, corresponding to approximately USD 67 million. Companies are being investigated as a source for the wider industry, and the regulator is expected to use its findings to inform about possible future policy responses.

In an announcement from FI describing the move, the regulator said that digital currency companies pose “a high risk of money laundering”, especially stock exchanges, which act as an intermediary for the exchange of digital currencies.

“Therefore, FI has initiated investigations into how Safello and Goobit follow the money laundering rules.”

According to the press release, the regulator reminded companies that provide virtual currency services that there was a requirement to register with them to comply with the laws governing the sector, according to the Currency Exchange and Other Financial Activities Act (LVA). ).

Shares in both Safello and Goobit fell on the news, down 6% and 9% respectively after the announcement from the regulator.

Despite this, Nasdaq Nordic-listed companies represent two of the largest digital currency exchanges based in Sweden.

The move from Finansinspektionen in Sweden comes at a time of increasingly robust regulation all over the world, with more supervisory authorities becoming proactive in their supervision and enforcement of the rules for companies with digital assets.

With Sweden’s licensing system already in full force, the authority has significant powers to force performance among digital currency exchanges and other cryptocurrency-related companies operating in the country.

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