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Finnish regulators tighten the screw on virtual currency marketing


Hot on the heels of the increasing cryptocurrency buzz, Finnish regulators have actually dropped an official notification. On Nov. 24th, the Financial Supervisory Authority (FIN-FSA) specified:

“Only registered virtual currency providers can market virtual currencies and related services in Finland. The marketing of virtual currencies in Finnish and in Finland is only allowed for entities registered as virtual currency providers in Finland.”

Finland is an extremely financially totally free nation, ranking 17th in the Index for Economic Freedom. However, as RegionalBitcoins CEO Sebastian Sonntag informed Cointelegraph upon getting their FSA license in 2019:

“The controls in the financial sector are of particularly high quality and the position of the clients is well protected.”

It appears that the FSA is eager to secure financiers — especially retail — who are most likely to be affected by marketing activities. If the 2020–2021 bull runs’ meme mania is anything to pass, there will be more retail FOMO throughout the world.

The FSA news release is a direct action to the increase in marketing of virtual currencies and associated services throughout Finland. Finnish media observed increasing traffic for cryptocurrency short articles, while in a current editorial by mainstream outlet the Helsinki Times, authors concluded that crypto is fashionable in Finland and will hold its appeal for several years to come.

Elsewhere in Finland, regional crypto adoption is developing. Finnish esports business Elisa Esports revealed a collaboration with cryptocurrency company Coinmotion to boost the Nordic esports scene. 

Related: Finnish Customs Puzzled on What to Do With 15M Euro Seized in Bitcoin

However, the list of Supervised Entities operating in the cryptocurrency and virtual currency area is still little. Less than 10 business are signed up, so the current notification might be a nod towards future policy and the progressing regulative landscape.

Crucially, the FSA cannot encourage on Finnish clients going to foreign sites. Nor does the current effort impact marketing on worldwide sites not clearly targeted at Finnish residents.

As an outcome, while regulators get to grips with the regional market, Finnish crypto-supporters can continue to go to worldwide crypto sites.