In the wake of the increasing publicity for cryptocurrencies, the Finnish regulators have issued a formal notice. On Wednesday, the Finnish Financial Supervisory Authority (FSA) said:
• Only registered virtual currency providers can trade in virtual currencies and related services in Finland. Trading in virtual currencies in Finnish and Finland is only permitted for companies that are registered in Finland as a virtual currency provider.
Finland is a very free country economically; it ranks 17th on the Index of Economic Freedom. However, as LocalBitcoins CEO Sebastian Sonntag told Cointelegraph after receiving the company’s FSA license in 2019:
â ???? The controls in the financial sector are of particularly high quality and the clients’ position is well protected.
It seems that the FSA wants to protect investors, especially retailers, who are more likely to be influenced by marketing activities. If the 2020-2021 bull run meme mania is a guide, there will be more FOMO in retail stores around the world in the future.
The FSA statement is a direct response to the increasing commercialization of digital currencies and related services in Finland. The Finnish media has seen an increase in the traffic of articles on cryptocurrencies, while the authors in a recent editorial in the Helsinki Times newspaper concluded that cryptocurrencies are in vogue in Finland and will remain popular for years to come.
Elsewhere in Finland, the local adoption of cryptocurrencies is brewing. Finnish esports company Elisa Esports has announced a partnership with cryptocurrency company Coinmotion to bolster the Nordic esports scene.
Nevertheless, the list of regulated companies operating in the cryptocurrency and digital currency areas is still small. There are fewer than 10 registered companies, so the most recent announcement can be a forecast of future regulation and the evolution of the regulatory landscape.
Essentially, the FSA cannot recommend Finnish customers visit foreign websites. The latest initiative also does not affect advertising on international websites that are not specifically aimed at Finnish citizens.
Consequently, While regulators take care of the local market, Finnish crypto advocates can still visit international cryptocurrency websites.