Finnish regulators tighten the screw on virtual currency marketing

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In the wake of the growing cryptocurrency hype, Finnish regulators have dropped a formal notice. On November 24, the Financial Supervisory Authority (FIN-FSA) said:

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

Finland is a very economically free country, ranking 17th in the Index of Economic Freedom. However, as LocalBitcoins CEO Sebastian Sonntag told UKTN upon receiving their FSA license in 2019:

“Controls in the financial sector are of a particularly high quality and the position of clients is well protected.

It appears that the FSA wants to protect investors, especially individuals, who are more likely to be influenced by marketing activities. If the 2020-2021 bull-racing madness is anything to go by, there will be more retail FOMOs across the world.

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The FSA press release is a direct response to the increased marketing of virtual currencies and associated services across Finland. Finnish media have observed an increase in traffic for cryptocurrency articles, while in a recent editorial in the mainstream newspaper Helsinki Times, the authors concluded that crypto is all the rage in Finland and will retain its popularity for consumers. years to come.

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Elsewhere in Finland, local adoption of crypto is brewing. Finnish esports firm Elisa Esports has announced a partnership with cryptocurrency firm Coinmotion to strengthen the Nordic esports scene.

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However, the list of supervised entities operating in the cryptocurrency and virtual currency space is still small. Fewer than 10 companies are registered, so the recent notice may be a nod to future regulation and the changing regulatory landscape.

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Importantly, the FSA cannot advise Finnish clients who visit foreign websites. The recent initiative also does not affect advertising on international websites that do not explicitly target Finnish citizens.

As a result, while regulators tackle the local market, Finnish crypto lawyers can continue to visit international crypto websites.