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661900 Other activities auxiliary to financial services, except insurance and pension funding

Information: This code has a codification rule

This type includes auxiliary financial service activities not elsewhere classified, for example:

  • financial transaction processing and settlement activities, including digital (or internet-based) payment provision and settlement activities for credit card transactions
  • investment advisory services, including robo-advisory services
  • activities of mortgage and loan advisors and brokerage
  • activities of digital currency wallet providers
  • activities of financial advisors in relation to merger and acquisition services
  • validation and mining for crypto-assets deemed financial assets
  • securities custody
  • tokenisation of digital assets, including security token offerings, initial coin offerings

This type also includes:

  • activities of tax refund offices
  • consumer credit intermediation
  • activities of payment providers (e.g. electronic funds transfer services), including peer-to-peer payment services
  • analysing financial markets as an advisory service

This type excludes:

  • publishing of financial markets analysis, see 581900
  • information search services regarding financial markets, see 639200
  • crypto-assets exchanges, see 661100
  • brokerage activities, see 661200
  • activities of insurance agents and brokers, see 662200
  • management of funds, see 663000
  • activities of debt collection agencies and non-performing loans servicers, see 829100
  • trading and brokerage of crypto assets without liabilities, see 829900

When coding activities related to crypto, it is essential to focus on the nature of the activity rather than the fact that it involves cryptocurrency. NOGA does not have a dedicated code for crypto-related activities; instead, these activities are distributed across various existing codes.

Crypto mining involves using computers to solve complex problems that verify blockchain transactions, rewarding miners with cryptocurrency.

• If the crypto-asset is considered a financial asset, mining falls under 661900 (Other activities auxiliary to financial services).

• If the crypto-asset is not a financial asset, mining is classified under 621000 (Computer programming activities).

A financial asset is something that holds value and can be traded based on a financial contract, such as cash, stocks, bonds, or certain cryptocurrencies.

Cryptocurrencies are fungible digital money, while NFTs are unique tokens that verify ownership of digital assets. People buy NFTs for their rarity, famous creators, or investment potential, though they are volatile and not traditional assets. Classify NFT sales under 581900, NFT galleries under 911200, and NFT trading under 661200.

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