Finnish regulator tightens virtual currency marketing

Following the growing cryptocurrency hype, the Finnish regulatory agency has issued an official notice. On November 24, the Financial Supervision Authority (FIN-FSA) stated:

“Only registered virtual currency providers can sell virtual currencies and related services in Finland. Only entities registered as virtual currency providers in Finland are allowed to sell virtual currencies in Finland and Finland.”

Finland is a country with a high degree of economic freedom, ranking 17th in the world Economic Freedom IndexHowever, as Sebastian Sonntag, CEO of LocalBitcoins, said telegraph After obtaining the FSA license in 2019:

“The quality of control in the financial sector is extremely high, and the status of customers is well protected.”

The FSA seems to be keen to protect investors-especially retail investors-who are more likely to be affected by marketing activities. If 2020-2021 The meme fanaticism of the bull run In any case, there will be more retail FOMO around the world.

The FSA press release is a direct response to the rise in the marketing of virtual currencies and related services across Finland.The Finnish media has observed a continuous increase in the flow of cryptocurrency articles, and in the recent editorial Through the Helsinki Times, the mainstream media, the author concluded that cryptocurrency is very popular in Finland and will remain popular in the next few years.

Elsewhere in Finland, the adoption of local cryptocurrencies is brewing.Finnish eSports company Elisa Esports announced Cooperation with cryptocurrency The company Coinmotion supports the Nordic e-sports scene.

related: Finnish customs are confused about what to do with the 15 million euros seized in Bitcoin

However, the list Regulated entity The space for operating in the field of cryptocurrency and virtual currency is still very small. There are fewer than 10 companies registered, so the recent notice may be an endorsement of future regulation and the ever-changing regulatory landscape.

Crucially, the FSA cannot provide advice to Finnish customers who visit foreign websites. The recent move will not affect advertisements on international websites that are not specifically targeted at Finnish citizens.

Therefore, when regulators begin to pay attention to the local market, Finnish encryption advocates can continue to visit international encryption websites.