Is Crypto Legal in Finland?
Cryptocurrency is legal but only partially regulated in Finland. The jurisdiction has a partial framework with significant gaps remaining. Finnish Financial Supervisory Authority is among the 2 regulators with oversight. The FATF Travel Rule is adopted. Tax treatment: Taxable Event: Any disposition as listed above triggers a capital gain or loss..
Derived from 344 sourced facts for Finland · last updated · primary sources
Overview
Finland regulates crypto through the Virtual Currency Providers Act, administered by the Financial Supervisory Authority (FIN-FSA), which requires registration for firms providing virtual currency services. Registered providers must meet AML/CTF obligations including customer due diligence, risk assessment, and internal controls, with the FIN-FSA actively enforcing these requirements through formal public warnings, as demonstrated against Tesseract Finance Oy and Coinmotion Oy in 2023. As an EU member state, Finland is subject to MiCA (Regulation EU 2023/1114), with single-reference fiat-pegged stablecoins governed as e-money under the Finnish Act on Payment Institutions and Electronic Money (297/2010), directly shaping authorization pathways for stablecoin issuers. (eur-lex.europa.eu, home.treasury.gov)
Regulatory Bodies
Regulatory Engagement: Engage with Finnish authorities (e.g., The Finnish Financial Supervisory Authority) early to ensure alignment and potentially expedite the licensing process.
European Banking Authority (EBA): Contributes by issuing guidelines and technical standards on specific crypto-assets and AML rules applicable throughout the EU.
Financial Intelligence Unit (FIU): Under the National Bureau of Investigation, handles suspicious transaction reports for AML and terrorist financing prevention.
Operating Models
9/9 verdictsCan specific business models operate in Finland? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
Conditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · low burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · medium burden.
AI · UnreviewedConditional · medium burden.
AI · UnreviewedLicensing Requirements
No verified facts yet. 14 unverified fact(s) in explorer
AML/KYC Requirements
Providing services for exchanging virtual currency and fiat currency: This covers entities facilitating the purchase or sale of virtual currencies using traditional currencies (e.g., EUR, USD).
Providing custodial wallet services: This refers to services where an entity holds, stores, or transfers virtual currencies or private cryptographic keys on behalf of customers.
Exchanges: Both exchanges offering fiat-to-crypto and crypto-to-crypto trading services are clearly defined as "virtual currency providers" and require registration with the FIN-FSA.
Custody Providers: Entities providing "custodial wallet services" are also explicitly defined as "virtual currency providers" and require registration with the FIN-FSA. This includes services where the private keys are held by the provider on behalf of the client.
Payment Processors: This depends on the nature of the service
If a payment processor handles virtual currencies directly (e.g., converts virtual currency payments received from customers into fiat currency for a merchant, or facilitates direct virtual currency transfers), they would likely fall under the definition of a virtual currency provider (specifically "exchanging virtual currency and fiat currency" or "exchanging virtual currency and other virtual currencies") and require registration with the FIN-FSA.
If a payment processor only facilitates fiat currency payments to or from virtual currency platforms (e.g., a traditional payment service provider (PSP) that processes bank transfers or card payments for a crypto exchange, but does not touch the virtual currency itself), they would generally be regulated under the Payment Services Act (implementing PSD2/PSD3) and would require a payment institution license from the FIN-FSA, but not necessarily a "virtual currency provider" registration, unless their activities extend to handling the virtual assets themselves.
For the purposes of crypto licensing, if the payment processor is directly involved in the acceptance, transfer, or conversion of virtual assets, registration as a VCP is required.
The applicant must be a Finnish limited liability company (osakeyhtiö) or a branch of a limited liability company incorporated in an EEA country.
The management of the applicant must be located in Finland. This includes the CEO and at least one other member of the board of directors.
Unlike many traditional financial services, there is no specific minimum share capital requirement for virtual currency providers under Finnish law.
Instead, registered VCPs must have professional indemnity insurance or comparable security to cover potential liability for damage caused to customers. The required minimum amount of this security is
€250,000 for providers offering only virtual currency exchange services.
€500,000 for providers offering custodial wallet services, or both exchange and custodial services.
This is a cornerstone requirement. Virtual currency providers are subject to the Act on Preventing Money Laundering and Terrorist Financing (Rahanpesun ja terrorismin rahoittamisen estämisestä annettu laki 050/2017).
They must establish and implement a comprehensive AML/CTF program, including
Customer Due Diligence (CDD): Identifying and verifying the identity of customers (KYC).
Enhanced Due Diligence (EDD): For higher-risk customers or transactions.
Ongoing Monitoring: Monitoring customer transactions for suspicious activity.
Risk Assessment: Conducting a comprehensive risk assessment of their business operations.
Reporting Suspicious Activity: Reporting suspicious transactions or activities to the Finnish Financial Intelligence Unit (FIU).
Record Keeping: Maintaining records of customer identification and transactions for at least five years.
The management (board members, CEO) must be fit and proper. This means they must have
A sound reputation (no criminal record, especially for financial crimes).
Sufficient knowledge, skills, and experience to manage the business.
No history of bankruptcy or business prohibitions.
The company must have sound and reliable administrative and accounting procedures.
Robust IT systems, cybersecurity measures, and data protection protocols are required to safeguard customer assets and data.
Providers must have appropriate security arrangements for their operations.
Application Form: Completed application form provided by the FIN-FSA.
Official name and contact details of the company.
Articles of association and trade register extract.
Proof of local presence (e.g., office address in Finland).
Business Plan: Detailed description of the business model, services offered, target market, and operational structure.
Curriculum Vitae (CV) for all board members, CEO, and key personnel.
Documentation proving their fit and proper status (e.g., criminal record extracts, financial history).
Detailed written policies and procedures for AML/CTF compliance, including CDD, transaction monitoring, risk assessment, and reporting.
Description of the internal control mechanisms and designated AML officer.
Security Measures: Description of IT systems, cybersecurity framework, data protection policies, and operational resilience plans.
Professional Indemnity Insurance: Proof of professional indemnity insurance or comparable security, meeting the minimum required amounts.
Internal Control and Risk Management: Description of the company's internal control framework and risk management policies.
Fee: Payment of the FIN-FSA application processing fee.
This page provides guidance and application forms for registration: https://www.finanssivalvonta.fi/en/regulated-entities/virtual-currency-providers/
Specific details on the application process and requirements can be found here.
Finnish Financial Supervisory Authority (FIN-FSA - Finanssivalvonta)
Role: The primary national regulator for virtual currency providers. It is responsible for licensing, supervision, and enforcing compliance with the Act on Virtual Currency Providers and other relevant financial legislation. It also supervises compliance with AML/CTF obligations.
Role: Responsible for preparing national legislation related to financial markets, including proposals for implementing EU directives and adapting national law to new EU regulations like MiCA. It sets the overall policy framework.
Bank of Finland (Suomen Pankki)
Role: While not a direct regulator of individual crypto-asset service providers, the central bank monitors developments in the virtual asset market from a financial stability perspective and provides expertise to the government and FIN-FSA.
Key Provisions: This act transposes parts of the EU's 5th Anti-Money Laundering Directive (5AMLD) into Finnish law specifically for virtual currency providers. It defines virtual currency providers (exchanges, wallet providers, issuers) as obliged entities, requires them to register with FIN-FSA, and mandates compliance with strict AML/CTF requirements (e.g., customer identification, transaction monitoring, suspicious transaction reporting). It also sets out basic requirements for safeguarding customer funds and provides FIN-FSA with supervisory powers.
Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA Regulation)
Rules concerning asset-referenced tokens (ARTs) and e-money tokens (EMTs) will apply from June 30, 2024.
Rules concerning other crypto-assets and crypto-asset service providers (CASPs) will apply from December 30, 2024.
Key Provisions: MiCA is a landmark regulation creating a comprehensive, harmonized framework for crypto-assets not already covered by existing financial services legislation. It covers
Transparency and disclosure requirements for the issuance and admission to trading of crypto-assets.
Authorization and supervision of crypto-asset service providers (CASPs), including exchanges, custodians, and advisors. CASPs will require a license to operate across the EU.
Operational requirements for CASPs, including governance, conflict of interest management, and safeguarding client assets.
Consumer protection measures, including clear information, marketing rules, and complaint handling procedures.
Measures to prevent market manipulation and ensure market integrity.
Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (TFR - "Travel Rule")
Date: Entered into force on June 29, 2023.
Key Provisions: This regulation extends the "Travel Rule" (requiring originators and beneficiaries of transfers to be identified) to crypto-asset transfers. It aims to prevent money laundering and terrorist financing by ensuring that information about the sender and recipient accompanies crypto-asset transfers, similar to traditional wire transfers.
Registration and Licensing: Crypto-asset service providers (exchanges, wallet providers, etc.) operating in Finland must currently be registered with the FIN-FSA under the Act on Virtual Currency Providers. This registration process involves rigorous checks on the company, its management, and its AML/CTF procedures. Once MiCA fully applies, these entities will need to obtain a MiCA license from their respective national competent authority (likely FIN-FSA in Finland) to continue operating across the EU.
AML/CTF Compliance: All registered/licensed providers are subject to strict Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) obligations. This includes
Know Your Customer (KYC) procedures: Verifying the identity of users.
Customer Due Diligence (CDD): Ongoing monitoring of business relationships.
Transaction Monitoring: Identifying and reporting suspicious transactions to the financial intelligence unit.
Data Retention: Keeping records of transactions and customer data.
Consumer Protection: FIN-FSA also provides guidance and warnings to consumers regarding the risks associated with crypto assets. MiCA will significantly enhance consumer protection by mandating clear disclosures, preventing misleading advertising, and ensuring robust complaint handling mechanisms for CASPs.
Safeguarding of Client Funds: Registered providers must have measures in place to safeguard client funds and assets.
Adopted: Yes, the FATF Travel Rule requirements are adopted in Finland.
Legal Basis: The primary legal framework is the Act on Virtual Currency Providers (572/2019), which came into force in Finland on May 1, 2019. This Act places virtual asset service providers (VASPs) under the supervision of the Finnish Financial Supervisory Authority (FIN-FSA) and subjects them to AML/CFT obligations akin to traditional financial institutions.
Relevant Sections: The requirements for information accompanying transfers of virtual assets are generally derived from the broader AML obligations within the Act, which mandate customer due diligence and monitoring of transactions. Specific provisions related to the transfer of funds and the information accompanying such transfers for virtual assets mirror the FATF recommendations and the EU's FTR (Funds Transfer Regulation, which the FATF Travel Rule is based on for traditional wires).
Act on Virtual Currency Providers (Laki virtuaalivaluutan tarjoajista 572/2019)
Finlex (Finnish Government database) - Laki virtuaalivaluutan tarjoajista 572/2019 (Finnish)
Regulator Guidance: FIN-FSA provides guidance on virtual currency providers' obligations, including AML/CFT requirements.
FIN-FSA - Virtual Currency Providers
The Act on Virtual Currency Providers (572/2019) became effective on May 1, 2019. This means VASPs operating in Finland have been subject to these AML/CFT obligations, including the Travel Rule principles, since that date.
VASP-to-VASP Transfers: For transfers between two regulated VASPs, the Travel Rule applies without a de minimis threshold. This means that all relevant originator and beneficiary information must be collected and transmitted, regardless of the transaction amount.
If a VASP initiates or receives a transaction where the counterparty is an unhosted wallet (private wallet) or a non-obligated entity, the VASP is expected to apply enhanced due diligence (EDD) and risk-based assessment.
While the Travel Rule's direct "information transmission" between VASPs isn't applicable, VASPs are generally required to collect and verify originator information from their customer for any transaction and screen for suspicious activities.
EU FTR Analogy: For traditional wire transfers, the EU's Funds Transfer Regulation sets a €1,000 threshold for information collection when one side is not a payment service provider (e.g., cash payment). While not directly specified for virtual assets in the same way, the overarching AML/CFT framework means VASPs must assess risks and perform CDD for transactions above certain amounts or when higher risk is identified, and always verify their own customer's identity.
Providers of virtual currency exchange services: Entities that exchange virtual currencies for fiat currency or other virtual currencies.
Providers of virtual currency wallet services: Entities that offer safekeeping services for virtual currencies on behalf of customers (custodial wallet providers).
Providers of virtual currency issuance services: Entities that issue virtual currencies (e.g., initial coin offerings where the issuer acts as a service provider).
Providers of transfer services for virtual currencies: Entities that facilitate the transfer of virtual assets.
Account number of the originator (or unique transaction identifier)
Address of the originator (or customer identification number, date and place of birth, or national identity number)
Account number of the beneficiary (or unique transaction identifier)
Secure Storage: VASPs must securely store all collected information for at least five years after the transaction.
Data Protection: Compliance with GDPR is mandatory for handling personal data.
Transmission Capabilities: VASPs must have technical capabilities to transmit the required information to the beneficiary VASP immediately and securely upon request or as part of the transaction process.
Record-Keeping: Comprehensive records of all transactions and accompanying information must be maintained and readily available to FIN-FSA or law enforcement.
Risk-Based Approach: VASPs are expected to implement a risk-based approach to identify, assess, and mitigate money laundering and terrorist financing risks, which includes developing appropriate technical solutions.
Internal Control Systems: Establishing and maintaining adequate internal control systems, procedures, and training for personnel to ensure compliance with Travel Rule and broader AML obligations.
Public Warning: FIN-FSA can issue a public warning.
Public Reprimand: A more severe public reprimand.
Administrative Fines: Significant financial penalties can be imposed on the VASP, its management, or individuals responsible for breaches. These fines can range from thousands to millions of euros, depending on the severity and nature of the non-compliance (e.g., up to €5 million or 10% of total annual turnover, or twice the benefit derived from the breach, whichever is higher, for serious AML breaches).
Order to Cease and Desist: FIN-FSA can order a VASP to cease specific activities or practices that violate regulations.
Withdrawal/Revocation of Registration: For serious or repeated breaches, FIN-FSA can withdraw a VASP's registration, effectively preventing it from operating in Finland.
Criminal Penalties: In cases of severe or intentional violations related to money laundering or terrorist financing, individuals responsible (e.g., management, employees) can face criminal charges, leading to imprisonment and substantial fines under the Finnish Penal Code.
Travel Rule
No verified facts yet. 8 unverified fact(s) in explorer
Tax Reporting
No verified facts yet. 29 unverified fact(s) in explorer
Custody Requirements
Custody regulation data collection in progress.
Stablecoin Regulation
Official MiCA Text: Regulation (EU) 2023/1114
FIN-FSA Information on MiCA: FIN-FSA - MiCA Regulation (in Finnish) (While primarily in Finnish, it confirms their role and the regulation's importance).
Definition: Crypto-assets that purport to maintain a stable value by referencing the value of one single fiat currency that is legal tender (e.g., a token pegged 1:1 to EUR or USD).
Regulatory Basis: These are essentially electronic money under MiCA. They are primarily regulated by Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions (E-money Directive), as implemented into Finnish law by the Act on Payment Institutions and Electronic Money (Laki maksulaitoksista ja sähkörahasta 297/2010). MiCA adds specific rules for crypto-asset aspects.
Finnish E-money Act: Laki maksulaitoksista ja sähkörahasta (297/2010) (in Finnish)
Definition: Crypto-assets that are not EMTs and purport to maintain a stable value by referencing any other value or right, or a combination thereof, including one or several official currencies that are not legal tender, one or several commodities or one or several crypto-assets, or a combination of such assets. (e.g., a token pegged to a basket of currencies, gold, or a portfolio of assets).
Regulatory Basis: These have a dedicated regime under MiCA (Title III).
c) Other Crypto-Assets (not directly stablecoins under MiCA definitions)
If a stablecoin doesn't fit the strict definitions of an EMT or ART (e.g., a purely algorithmic stablecoin without a clear backing mechanism, or a token that isn't intended for payment/exchange and might qualify as a security), it would fall into other MiCA categories or potentially under existing securities laws. However, MiCA aims to be comprehensive for most crypto-assets.
Issuers must hold the funds received in exchange for EMTs in a segregated account with a credit institution or invest them in secure, low-risk assets.
The proceeds from the investment of these funds must be managed in a way that provides for sufficient liquidity.
The assets must be fully liquid, meaning they must be redeemable at par at any time.
They must be invested in assets denominated in the same currency as the EMT.
Issuers must establish and maintain a reserve of assets that is separate from their own assets, and segregated in the interest of the holders of ARTs.
A portion of the reserve must be held in highly liquid financial instruments.
The reserve assets must be held in custody by a credit institution or a regulated custodian.
Specific rules apply to the investment of reserve assets to ensure minimal market, credit, and operational risks.
Issuers of e-money tokens must be authorized as a credit institution (bank) or an electronic money institution (EMI) in accordance with the E-money Directive and relevant national law (Finnish Act on Payment Institutions and Electronic Money).
They also need to publish a crypto-asset white paper and obtain approval from the FIN-FSA (or relevant national competent authority).
Issuers of asset-referenced tokens must be authorized by the FIN-FSA (or relevant national competent authority) as an issuer of ARTs.
Authorization requires, among other things, a sound administrative and accounting procedures, robust governance arrangements, effective risk management, adequate capital, and the publication of an approved crypto-asset white paper.
The Act on Virtual Currency Service Providers (Laki virtuaalivaluutan tarjoajista 920/2019) requires providers of virtual currency services (e.g., exchanges, custodians) to register with the FIN-FSA. This act primarily focuses on AML/CFT compliance and does not regulate the issuance of stablecoins directly.
Finnish Act on Virtual Currency Service Providers: Laki virtuaalivaluutan tarjoajista (920/2019) (in Finnish)
FIN-FSA page on virtual currency providers: FIN-FSA - Virtual Currency Providers (in English)
Holders of e-money tokens have a right to redeem their tokens at any moment and at par value (1:1) with the fiat currency referenced by the token.
The redemption terms must be clearly stated in the white paper.
Holders of asset-referenced tokens have a direct right of redemption against the issuer at any time.
The redemption policy must be clearly detailed in the white paper, including conditions, procedures, and any fees. Redemption should be made in the assets referenced by the token or in fiat currency, as specified.
MiCA explicitly states that it does not apply to crypto-assets that purport to maintain a stable value by referencing solely through algorithmic mechanisms (i.e., without backing assets) and that do not otherwise reference another value or right, or a combination thereof.
However, if such an algorithmic mechanism fails to maintain a stable value and the crypto-asset starts to reference other assets or rights, it could potentially fall under the definitions of an ART or EMT, or another crypto-asset category under MiCA.
In essence, MiCA deliberately excludes purely algorithmic stablecoins from its specific ART/EMT regime due to their inherent instability and risk, effectively making them unviable for mainstream use under the MiCA stablecoin framework. Issuing a widely adopted purely algorithmic stablecoin within the EU would be extremely challenging under this interpretation.
Bank of Finland - Digital Euro: Bank of Finland - Digital euro
A digital euro would be a central bank liability, offering the highest level of safety and liquidity. Private stablecoins, whether ARTs or EMTs, are private sector liabilities, subject to the risks and regulations specific to their issuers.
A CBDC would likely serve as a foundational layer for digital payments and could potentially compete with or complement private stablecoins. Its introduction could shift demand away from private stablecoins, especially for general-purpose payments, if it offers superior stability, privacy, or usability.
Regulatory interaction is more about coexistence and establishing a level playing field for various digital payment instruments, rather than direct regulatory oversight of private stablecoins by the central bank (which falls under FIN-FSA). MiCA aims to ensure that private stablecoins maintain a high level of consumer protection and financial stability, thus preparing the ground for an ecosystem where a digital euro and regulated private stablecoins can co-exist, each serving different niches.
Securities Classification
Crypto activity is legal in Finland, and in 2025–2026 the framework is shaped by both national Finnish law and EU-level regulations such as MiCA (Markets in Crypto-Assets Regulation); however, the Finnish-specific statutory implementation details must be read through the national database of legislation maintained by the Ministry of Justice, Finlex Finlex is a free, public online database of legal information owned by...
The principal regulatory authorities are Finnish national bodies, and the primary law texts are published in the Statute Book of Finland, which is accessible via Finlex, with the official record of EU legal acts available through EUR-Lex Access the Official Journal - EUR-Lex
Licensing and registration obligations for crypto-asset service providers and digital asset securities are derived from both Finnish statutes and directly applicable EU regulations, with the Official Journal of the European Union serving as the authoritative source for EU-level legislative acts affecting Finland Access the Official Journal - EUR-Lex
No specific countable list of licensed Finnish crypto entities has been published in the source texts; therefore, any statement that a specific entity has been granted a license cannot be verified from the supplied sources EUR-Lex — Access to European Union law — choose your language
The practical reality for a business is that it must consult both the Finnish national legal database for national implementation acts and EUR-Lex for EU regulations, particularly because the EU legal framework for financial services, including capital markets and sustainability reporting, is continuously being amended EUR-Lex - 52021SC0344 - EN - EUR-Lex
The Finnish legal information infrastructure is owned by the Ministry of Justice, and the Finlex database contains up-to-date legislation and the Statute Book of Finland, along with case law from Finnish courts including the Supreme Court, courts of appeal, the Supreme Administrative Court, administrative courts, the Market Court, the Labour Court, and the Insurance Court Finlex is a free, public online database of legal information owned by...
Finlex also publishes regulations and decisions of public authorities, generally applicable collective agreements, collections of regulations, treaties concluded with foreign states and international organisations, the Finnish Treaty Series, up-to-date income tax treaties, and a treaty reference database Finlex is a free, public online database of legal information owned by...
The primary law sources for Finland are the statutes published in the Statute Book of Finland, with the latest published statutes including those from 2026, such as statute 758/2026 concerning a decision by Ruokavirasto on cancelling a previous decision and establishing a new infection zone due to African swine fever, and statute 756/2026 from the Ministry of Justice on revising court fees Finlex is a free, public online database of legal information owned by...
The most searched statutes in Finlex include the Criminal Code, Employment Contracts Act, the Constitution of Finland, Land Use and Building Act, Limited Liability Companies Act, Annual Holidays Act, Child Welfare Act, Act on the Openness of Government Activities, Administrative Procedure Act, and Limited Liability Housing Companies Act, which indicates the core legal instruments that businesses and individuals regularly reference Finlex is a free, public online database of legal information owned by...
The Official Journal of the European Union is the official publication (gazette) for EU legal acts, other acts, and official information from EU institutions, bodies, offices, and agencies, and it is published from Monday to Friday, and in urgent cases on Saturdays, Sundays, and public holidays Access the Official Journal - EUR-Lex
The Official Journal is published in the official languages of the EU at the time of publication, currently numbering 24, and EUR-Lex contains the electronic version of all Official Journals going back to 30 December 1952, when the first Official Journal of the European Coal and Steel Community was published Access the Official Journal - EUR-Lex
As of July 2013, only the electronic edition of the Official Journal published on EUR-Lex is authentic and produces legal effects, and from 01 October 2023, the Official Journal is no longer a collation of acts with a table of contents; each act is published individually as an authentic Official Journal in its PDF format Access the Official Journal - EUR-Lex
The Official Journal comprises two series: the L series (Legislation) containing mostly EU secondary law, mainly regulations, directives, decisions, opinions, and recommendations, and international agreements; and the C series (Information and notices) containing preparatory acts, announcements, summaries of judgments of the Court of Justice of the European Union, annual reports of the European Court of Auditors, statements from the European Economic and Social Committee and the European Committee of the Regions, and calls for expressions of interest for EU programmes and projects Access the Official Journal - EUR-Lex
The legal basis for the publication of the Official Journal includes Article 191 of the Treaty establishing the European Economic Community, the Decision of the Council of the European Economic Community of 15 September 1958 (Official Journal No 17, 6.10.1958, p.390), the Decision of the Council of the European Atomic Energy Community of 15 September 1958 (Official Journal No 17, 6.10.1958, p.419), and Council Regulation (EU) No 216/2013 of 7 March 2013 on the electronic publication of the Official Journal of the European Union (OJ L 69, 13.3.2013, p. 1) Access the Official Journal - EUR-Lex
Finlex contains decisions of Finnish courts over several decades in Finnish and Swedish, including from the Supreme Court, courts of appeal, Supreme Administrative Court, administrative courts, Market Court, Labour Court, and Insurance Court, as well as case law in literature Finlex is a free, public online database of legal information owned by...
The EUR-Lex website is the access point to European Union law, offering the ability to choose the language of the interface, and it provides access to the Official Journal and the full body of EU legislation EUR-Lex — Access to European Union law — choose your language
The Commission Staff Working Document referenced in the sources is the Impact Assessment Report accompanying proposals for a Regulation establishing a European single access point (ESAP), a Regulation amending certain Regulations, and a Directive amending certain Directives, all relating to the establishment and functioning of the European single access point, and it was issued as SWD(2021) 344 final in Brussels on 25.11.2021, with a corrigendum issued on 27.1.2022 (SWD(2021) 344 final/2) EUR-Lex - 52021SC0344 - EN - EUR-Lex
The ESAP proposals are linked to the Capital Markets Union (CMU) project, the High-Level Forum on the Capital Markets Union, and the sustainable finance framework, and they involve amendments to directives such as Directive 2014/65/EU on markets in financial instruments (MiFID II, OJ L 173, 12.6.2014, p. 349, as amended) and Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR, OJ L 173, 12.6.2014, p. 84, as amended) EUR-Lex - 52021SC0344 - EN - EUR-Lex
The glossary in the Impact Assessment defines key terms including AIFMD (Directive 2011/61/EU on Alternative Investment Fund Managers), ESMA (European Securities and Markets Authority), MiFID II, MiFIR, MAR (Market Abuse Regulation), and SFDR (Sustainable Finance Disclosure Regulation), all of which are relevant to the financial services and securities framework applicable in Finland EUR-Lex - 52021SC0344R(01) - EN - EUR-Lex
The European Securities and Markets Authority (ESMA) is identified as the EU-level authority for securities markets, while national competent authorities (NCAs) are the relevant authorities in each Member State, and the glossary notes that NCAs are the "National Competent Authority(ies)" for financial regulation EUR-Lex - 52021SC0344 - EN - EUR-Lex
Finland's FATF or Moneyval status is not explicitly stated in the sources, but the EU legal framework, including the ESAP proposals, is part of the broader EU regulatory architecture, and Finland as an EU member is subject to EU-wide assessments and reporting obligations in the financial sector EUR-Lex - 52021SC0344 - EN - EUR-Lex
Who needs a license: Specific Finnish licensing requirements for crypto-asset service providers are not identified in the sources; instead, the licensing framework is determined by EU regulations and directives, such as MiFID II, which is Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, and the Markets in Crypto-Assets Regulation (MiCA), which would apply directly across the EU including Finland EUR-Lex - 52021SC0344 - EN - EUR-Lex
No specific Finnish-issued licenses for crypto entities are listed in the sources; therefore, it cannot be confirmed from the provided text whether any entities have actually been licensed in Finland, and no names or numbers of licensed entities are given EUR-Lex — Access to European Union law — choose your language
The capital requirements, application process, and timeline for licenses are not specified in the provided source texts; the only capital market-related monetary or structural requirements mentioned are in the context of the EU ESAP proposal, which aims to provide centralised access to publicly available information of relevance to financial services, capital markets, and sustainability EUR-Lex - 52021SC0344 - EN - EUR-Lex
The EU Securities Financing Transactions Regulation and other EU financial regulations that would govern digital asset securities are not directly detailed in the sources; instead, the sources focus on the public reporting obligations and the establishment of the European Single Access Point (ESAP), which would affect how financial and sustainability information is disclosed EUR-Lex - 52021SC0344R(01) - EN - EUR-Lex
Structural requirements for licensed entities, such as governance, risk management, or prudential rules for crypto-asset service providers in Finland, are not included in the provided texts; the sources only reference the general EU financial services framework and the authorities responsible, such as ESMA EUR-Lex - 52021SC0344 - EN - EUR-Lex
The application procedure for licensing expected in Finland would entail compliance with the relevant EU regulations that are directly applicable, such as MiCA and MiFID II, but the specific national application steps conducted through Finnish authorities must be checked against the Finlex database for national implementing acts Finlex is a free, public online database of legal information owned by...
Whether any entities have actually been licensed is a critical fact that is not addressed in the provided sources; no named Finnish crypto exchange, wallet provider, or custodian is mentioned as being granted a license, and any assertion of licensure would be unsupported by the given text Access the Official Journal - EUR-Lex
The obligation to obtain a license would also depend on the classification of the digital asset as a security, and the sources note that MiFID II defines financial instruments, but the precise classification of crypto assets as securities or as crypto-assets under MiCA is not resolved in the provided source material EUR-Lex - 52021SC0344 - EN - EUR-Lex
No monetary thresholds, such as minimum capital in EUR or USD, for crypto or digital asset securities licensing are specified in the sources; no such figures appear in the text provided EUR-Lex — Access to European Union law — choose your language
The timeline for processing a license application is not given in the sources; therefore, no statements can be made about expected durations for obtaining a license in Finland Finlex is a free, public online database of legal information owned by...
Specific AML/KYC requirements for Finland are not contained in the provided sources, nor do they detail Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Suspicious Transaction Reporting (STR), record retention, beneficial ownership, or PEP screening obligations for crypto businesses in Finland Finlex is a free, public online database of legal information owned by...
The Finlex database does include the Criminal Code as the most searched statute, which would be the legal basis for money laundering offences, and it also mentions the Data Protection Ombudsman as an authority, but no specific AML provisions are quoted in the source text Finlex is a free, public online database of legal information owned by...
No national authority responsible for AML supervision in Finland is listed in the sources, nor do they describe the process for reporting suspicious transactions to the Finnish Financial Intelligence Unit (FIU) EUR-Lex — Access to European Union law — choose your language
Record retention periods and beneficial ownership registration requirements for Finnish crypto businesses are not covered in the provided text; the sources are focused on the ESAP proposals and the general structure of the Official Journal EUR-Lex - 52021SC0344 - EN - EUR-Lex
While the EU has an AML framework, including the Anti-Money Laundering Directive, the exact national transpositions and any Finland-specific rules are not in the source text and must be found in the Finnish Statute Book via Finlex Finlex is a free, public online database of legal information owned by...
Information on penalties, fines, arrests, or enforcement cases against crypto businesses in Finland is not included in the provided sources EUR-Lex — Access to European Union law — choose your language
No entity names, violations, outcomes, or dates of enforcement actions related to cryptocurrency or digital asset securities in Finland are listed in the sources Access the Official Journal - EUR-Lex
No reference is made to any action by Finnish authorities such as the Financial Supervisory Authority (FIN-FSA) or the police in the context of crypto enforcement Finlex is a free, public online database of legal information owned by...
The texts provided focus on legislative instruments, the Official Journal, and impact assessments; they do not contain any case law summaries from the Finnish Market Court or other courts that would be relevant to enforcement actions in the crypto sector Finlex is a free, public online database of legal information owned by...
The Finlex database includes "Up-to-date income tax treaties" as a category, indicating that income tax treaties are an integral part of the Finnish legal information framework, but no specific rates or rules for crypto gains are provided in the text Finlex is a free, public online database of legal information owned by...
Guidance on how cryptocurrency gains are taxed in Finland is not contained in the sources, and there is no mention of income tax, capital gains tax, or VAT treatment for virtual assets in the provided text EUR-Lex — Access to European Union law — choose your language
The Verohallinto (Finnish Tax Administration) is not mentioned in the sources; therefore, no statement can be made about tax guidance issued by the tax authority specifically for crypto assets Access the Official Journal - EUR-Lex
The sources include the "Act on the Openness of Government Activities" as one of the most searched statutes, which is a general administrative law, but it does not relate to the taxation of digital assets, and no tax-specific legislation is quoted Finlex is a free, public online database of legal information owned by...
A critical gap in the provided sources is the absence of any Finland-specific rules on the licensing of crypto-asset service providers, meaning a business must rely on the general EU framework, such as MiCA, and must actively search Finlex for any national supplementary rules that may have been enacted but were not included in the provided text Finlex is a free, public online database of legal information owned by...
The risk of relying on the supplied sources is that they do not provide the specific names of Finnish legislation (e.g., the Act on Virtual Currency Providers or similar), and a business operator cannot determine from these sources which exact national law governs registration or licensing obligations in Finland EUR-Lex — Access to European Union law — choose your language
The EU-level ESAP proposal, which introduces new reporting and disclosure obligations for financial market participants, may create additional compliance burdens for digital asset securities issuers in Finland, who would have to ensure that their public information is accessible through the ESAP in a machine-readable format EUR-Lex - 52021SC0344 - EN - EUR-Lex
The sources indicate that the Official Journal is the authentic legal source for EU law, and since 1 October 2023 each act is published individually, which implies that monitoring compliance with legislative changes is a constant and resource-intensive task for crypto businesses in Finland Access the Official Journal - EUR-Lex
The provided documents do not address the classification of crypto assets as securities versus as crypto-assets, which is a fundamental legal risk; the MiFID II definition of financial instruments is referenced but not elaborated, leaving ambiguity for security tokens and other digital asset securities EUR-Lex - 52021SC0344R(01) - EN - EUR-Lex
A business faces the risk of incomplete information because the sources do not cover AML/KYC enforcement, tax guidance, or the actual number of licensed entities in Finland, and any operational decision made solely on this basis could be materially incomplete Access the Official Journal - EUR-Lex
The lack of published enforcement actions in the sources should not be interpreted as an absence of enforcement; the sources are silent on the topic, and the risk of unlisted enforcement activity is a real compliance risk for a business entering the Finnish market Finlex is a free, public online database of legal information owned by...
EUR-Lex — Access to European Union law — choose your language
Access the Official Journal - EUR-Lex
EUR-Lex - 52021SC0344 - EN - EUR-Lex
EUR-Lex - 52021SC0344R(01) - EN - EUR-Lex
Sanctions & Restrictions
Compliance Requirement: Finland implements UN sanctions through EU regulations. VASPs must identify and freeze assets belonging to, or controlled by, individuals and entities listed by the UN.
Legal Basis: UN Security Council Resolutions (e.g., those relating to terrorism financing, proliferation of WMDs, specific country regimes). Finland, as an EU member, implements these through EU Council Regulations.
Compliance Requirement: EU financial sanctions, asset freezes, and restrictions on making funds or economic resources available directly apply to VASPs in Finland. This includes screening against the EU Consolidated Financial Sanctions List. Specific EU regulations have explicitly extended financial restrictions to virtual assets.
Treaty on European Union (TEU), Article 29: Basis for CFSP decisions.
Treaty on the Functioning of the European Union (TFEU), Article 215: Basis for EU Council Regulations implementing CFSP decisions.
Key Regulation Example: Council Regulation (EU) 2022/398 (and subsequent amendments) concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine explicitly includes "crypto-assets" within the definition of "transferable securities" and "funds," and imposes prohibitions on providing crypto-asset wallet, account or custody services to Russian persons or entities if the total value exceeds €10,000 (initially, later tightened).
Reference: Council Regulation (EU) 2022/398 of 9 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (specifically Art. 5b and 5f). EUR-Lex Link
Compliance Requirement: Although not directly legally binding on Finnish entities without a U.S. nexus, prudent VASPs with international operations often screen against OFAC's SDN List due to the risk of indirect impact or reputational damage. OFAC has also issued specific guidance on virtual currency.
Legal Basis: U.S. statutes and Executive Orders.
OFAC's Virtual Currency Guidance: (regularly updated with specific crypto designations).
Act on Virtual Currency Service Providers (2019/572, as amended): This Act governs the registration and supervision of VASPs in Finland. It mandates compliance with AML/CFT legislation.
Reference: Laki virtuaalivaluutan tarjoajista (572/2019) (Act on Virtual Currency Service Providers). Finlex (Finnish Law Database) - Finnish only (An English unofficial translation might be available through legal services providers, but the Finnish is the official one).
Act on Preventing Money Laundering and Terrorist Financing (2017/444, as amended): This is Finland's primary AML/CFT law, implementing the EU Anti-Money Laundering Directives (currently 5AMLD, soon MLD6).
Reference: Laki rahanpesun ja terrorismin rahoittamisen estämisestä (444/2017) (Act on Preventing Money Laundering and Terrorist Financing). Finlex (Finnish Law Database) - Finnish only
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD): Identifying and verifying the identity of customers and beneficial owners. EDD for high-risk customers or transactions.
Obligation: Screen all new and existing customers (individuals, entities, and beneficial owners) against the EU Consolidated Financial Sanctions List (UN and EU lists), and often OFAC's SDN list for prudent international practice.
Scope: This extends to screening associated crypto wallet addresses if possible, transaction counterparties, and any parties involved in virtual asset transfers.
Frequency: Screening must be ongoing, not just at onboarding, as sanctions lists are updated frequently.
Transaction Monitoring: Monitoring transactions for unusual patterns, amounts, or destinations that could indicate sanctions evasion or illicit activity.
Reporting Obligations: Reporting any identified matches (hits) or suspicious transactions (SARs/STRs) to the Finnish Financial Intelligence Unit (FIU), which is part of the National Bureau of Investigation (Keskusrikospoliisi - KRP).
Asset Freezing: Immediately freezing any virtual assets belonging to, or controlled by, sanctioned individuals or entities upon identification. This means preventing any access to or transfer of such assets.
"No Funds" Rule: Not making any funds or economic resources available, directly or indirectly, to or for the benefit of sanctioned persons or entities. This applies to virtual assets.
Record Keeping: Maintaining records of CDD, transactions, screening results, and internal policies for a specified period (typically 5 years).
Blockchain Analysis: VASPs should leverage blockchain analytics tools to trace the origin and destination of virtual assets, identify suspicious addresses, and link them to known illicit actors or sanctioned entities where possible.
Travel Rule: The FATF Travel Rule, implemented through EU AML Directives and national law, requires VASPs to collect and transmit originator and beneficiary information for virtual asset transfers above a certain threshold (€1,000 for unhosted wallets, no threshold for VASP-to-VASP). This information is critical for sanctions screening of transaction counterparties.
Wallet Addresses: VASPs should collect and screen wallet addresses known to be associated with sanctioned entities, although direct identification can be challenging.
Geographic Restrictions: The EU's Russia sanctions explicitly prohibit the provision of crypto-asset wallet, account, or custody services to Russian persons or entities if the total value of crypto-assets exceeds €10,000 (or as amended), regardless of their location. This requires VASPs to verify the nationality/residency of their clients.
UN Sanctions Lists: Primarily implemented via EU regulations.
EU Consolidated Financial Sanctions List: This is the most direct and crucial list for Finnish compliance. It consolidates all persons, groups, and entities subject to an asset freeze and prohibition on making funds or economic resources available, under EU restrictive measures.
Reference: EU Sanctions Map & Consolidated List
OFAC Specially Designated Nationals (SDN) List: Recommended for VASPs with any international exposure or those dealing with USD-denominated stablecoins or U.S. counterparties.
The "50% Rule": Both EU and OFAC sanctions often extend to entities that are directly or indirectly owned 50% or more by one or more sanctioned persons/entities. VASPs must apply this rule, requiring diligence into corporate structures.
Russia/Ukraine: Extensive sanctions are in place, including restrictions on financial services, investment, and explicit prohibitions on providing crypto-asset wallet, account, or custody services to Russian individuals/entities (subject to value thresholds and subsequent amendments). Other restrictions target specific regions like Crimea, Sevastopol, and non-government controlled areas of Ukraine.
Other Regimes: Sanctions are also in place against countries like North Korea, Iran, Syria, Venezuela, etc., with varying degrees of financial and trade restrictions that can impact crypto activities.
Sanctioned Jurisdictions: Comprehensive sanctions programs target specific countries/regions (e.g., Cuba, Iran, North Korea, Syria, Crimea, certain parts of Ukraine), generally prohibiting virtually all transactions and dealings with persons and entities in these areas or involving their governments.
Geolocation and IP Addresses: While not foolproof, VASPs are expected to use available tools (e.g., IP address blocking, geo-fencing) to prevent services from being accessed from comprehensively sanctioned jurisdictions or by known sanctioned entities, to the extent technically feasible.
Criminal Code of Finland (Rikoslaki, 39/1889): Chapter 46, Section 1-3, addresses violations of regulations on foreign relations.
Violation of Regulations on Foreign Relations (Ulkosuhteita koskevan säännöksen rikkominen): A person who intentionally violates or attempts to violate a regulation or prohibition imposed for the purpose of maintaining Finland's foreign relations (e.g., UN or EU sanctions) can be sentenced to a fine or imprisonment for up to two years.
Aggravated Violation: If the offense is considered aggravated (e.g., significant financial gain, extensive damage, highly organized), the penalty can be imprisonment for at least four months and up to six years.
Reference: Rikoslaki (39/1889), Luku 46 (Chapter 46). Finlex (Finnish Law Database) - Finnish only
The FIN-FSA has powers to impose administrative sanctions on VASPs for breaches of the Act on Virtual Currency Service Providers or the AML Act. These can include
Administrative Fine: (Seuraamusmaksu) – significant financial penalties, which can be substantial.
Withdrawal or Suspension of Registration: (Toimiluvan tai rekisteröinnin peruuttaminen tai rajoittaminen) – leading to the inability to operate.
Reference: Laki finanssivalvonnasta (878/2008) (Act on the Financial Supervisory Authority), particularly sections regarding administrative sanctions. Finlex (Finnish Law Database) - Finnish only
Reputational Damage: Significant negative impact on the VASP's reputation, trust, and ability to attract customers or partners.
Ministry for Foreign Affairs (Ulkoministeriö): Responsible for Finland's foreign policy, including the formulation and interpretation of sanctions policy at the national level.
Financial Supervisory Authority (FIN-FSA - Finanssivalvonta): Regulatory and supervisory authority for VASPs, ensuring compliance with AML/CFT and sanctions regulations. Maintains the register of VASPs.
National Bureau of Investigation (Keskusrikospoliisi - KRP): Specifically, its Financial Intelligence Unit (FIU) receives Suspicious Transaction Reports (STRs) and is responsible for investigating financial crimes, including sanctions violations and money laundering related to virtual assets.
Customs (Tulli): Involved in enforcing trade-related sanctions, which can sometimes overlap with financial sanctions concerning dual-use goods or specific technologies.
Enforcement Actions
Legal Basis: UN Security Council Resolutions (e.g., those relating to terrorism financing, proliferation of WMDs, specific country regimes). Finland, as an EU member, implements these through EU Council Regulations.
Legal Basis: U.S. statutes and Executive Orders.
Legal Basis: The primary legal framework is the Act on Virtual Currency Providers (572/2019), which came into force in Finland on May 1, 2019. This Act places virtual asset service providers (VASPs) under the supervision of the Finnish Financial Supervisory Authority (FIN-FSA) and subjects them to AML/CFT obligations akin to traditional financial institutions.
Research & Articles
Regulatory Forecast
high confidenceLikely enforcement action expected around 2026-08-13
Based on 84 historical regulatory events for Finland, averaging every 32 days, with increasing regulatory activity.
Recent Updates
Exchanges: Both exchanges offering fiat-to-crypto and crypto-to-crypto trading services are clearly defined as "v...
Exchanges: Both exchanges offering fiat-to-crypto and crypto-to-crypto trading services are clearly defined as "virtual currency providers" and require registration with the FIN-FSA.
Custody Providers: Entities providing "custodial wallet services" are also explicitly defined as "virtual currenc...
Custody Providers: Entities providing "custodial wallet services" are also explicitly defined as "virtual currency providers" and require registration with the FIN-FSA. This includes services where the private keys are held by the provider on behalf of the client.
Bank of Finland - Digital Euro: Bank of Finland - Digital euro
Bank of Finland - Digital Euro: Bank of Finland - Digital euro
A digital euro would be a central bank liability, offering the highest level of safety and liquidity. Private stablec...
A digital euro would be a central bank liability, offering the highest level of safety and liquidity. Private stablecoins, whether ARTs or EMTs, are private sector liabilities, subject to the risks and regulations specific to their issuers.
Regulatory interaction is more about coexistence and establishing a level playing field for various digital payment i...
Regulatory interaction is more about coexistence and establishing a level playing field for various digital payment instruments, rather than direct regulatory oversight of private stablecoins by the central bank (which falls under FIN-FSA). MiCA aims to ensure that private stablecoins maintain a high level of consumer protection and financial stability, thus preparing the ground for an ecosystem where a digital euro and regulated private stablecoins can co-exist, each serving different niches.
Criminal Penalties: In cases of severe or intentional violations related to money laundering or terrorist financi...
Criminal Penalties: In cases of severe or intentional violations related to money laundering or terrorist financing, individuals responsible (e.g., management, employees) can face criminal charges, leading to imprisonment and substantial fines under the Finnish Penal Code.
Bank of Finland (Suomen Pankki) monitors developments in the virtual asset market from a financial stability pers...
Bank of Finland (Suomen Pankki) monitors developments in the virtual asset market from a financial stability perspective and provides expert analysis to the government and FIN-FSA. The central bank's Financial Stability Department publishes reports analyzing crypto-asset risks and their potential impact on the financial system Bank of Finland - Financial Stability. The Bank of Finland also participates in ECB/Eurosystem discussions on digital currencies and crypto-asset regulation Suomen Pankki.
Entity Targeted: Tesseract Finance Oy. Note: Sources confirm the company currently operates under the name "Stabl...
Entity Targeted: Tesseract Finance Oy. Note: Sources confirm the company currently operates under the name "Stableton," but the FIN-FSA press release refers exclusively to "Tesseract Finance Oy" as the entity subject to enforcement Stableton Registration. The transition to "Stableton" appears to be a rebranding or name change; however, no official source explicitly confirms the legal entity status.
Penalty Amount: Public warning (julkinen varoitus). This is a formal disciplinary measure that obligates the comp...
Penalty Amount: Public warning (julkinen varoitus). This is a formal disciplinary measure that obligates the company to rectify its shortcomings. It is important to note that FIN-FSA's enforcement spectrum ranges from public warnings (least severe) to public reprimands, administrative fines (up to €5 million or 10% of annual turnover), and ultimately withdrawal of registration for the most serious violations FIN-FSA Administrative Sanctions.
Date: Decision issued on October 25, 2023 FIN-FSA Press Release - Tesseract.
Date: Decision issued on October 25, 2023 FIN-FSA Press Release - Tesseract.
Penalty Amount: Public reprimand (julkinen huomautus). This is a more severe formal disciplinary action than a pu...
Penalty Amount: Public reprimand (julkinen huomautus). This is a more severe formal disciplinary action than a public warning, indicating serious shortcomings requiring immediate correction. FIN-FSA's enforcement spectrum includes: public warning (least severe), public reprimand, administrative fines (up to €5 million or 10% of annual turnover), and withdrawal of registration (most severe) FIN-FSA Administrative Sanctions.
Date: Decision issued on February 9, 2022 FIN-FSA Press Release - Coinmotion.
Date: Decision issued on February 9, 2022 FIN-FSA Press Release - Coinmotion.
Providing services for exchanging virtual currency and fiat currency: This covers entities facilitating the purch...
Providing services for exchanging virtual currency and fiat currency: This covers entities facilitating the purchase or sale of virtual currencies using traditional currencies (e.g., EUR, USD) Act on Virtual Currency Providers (Finnish). The English translation of the act defines "virtual currency provider" as including exchange services between virtual currencies and fiat currencies FIN-FSA - Virtual Currency Providers.
Providing custodial wallet services: Services where an entity holds, stores, or transfers virtual currencies or p...
Providing custodial wallet services: Services where an entity holds, stores, or transfers virtual currencies or private cryptographic keys on behalf of customers are explicitly defined as regulated activities Act on Virtual Currency Providers (572/2019). The FIN-FSA guidance confirms that custodial wallet providers are subject to registration FIN-FSA - Virtual Currency Providers.
Payment Processors handling virtual currencies: If a payment processor performs activities that constitute "provi...
Payment Processors handling virtual currencies: If a payment processor performs activities that constitute "providing services for exchanging virtual currency and fiat currency" or "providing custodial wallet services" as defined in the Act on Virtual Currency Providers (Section 2), they would require registration with the FIN-FSA as a virtual currency provider Act on Virtual Currency Providers (572/2019). The FIN-FSA guidance clarifies that any entity engaged in these regulated activities falls under the definition, regardless of how the entity describes itself FIN-FSA - Virtual Currency Providers.
Payment Processors only facilitating fiat payments: If a payment processor *only facilitates fiat currency paymen...
Payment Processors only facilitating fiat payments: If a payment processor only facilitates fiat currency payments to or from virtual currency platforms (e.g., a traditional payment service provider that processes bank transfers or card payments for a crypto exchange, but does not handle virtual currency itself), they would generally be regulated under the Payment Services Act (Maksupalvelulaki 290/2018) which implements PSD2 (and future PSD3) in Finland. Such entities would require a payment institution license from the FIN-FSA, but not necessarily a "virtual currency provider" registration, unless their activities extend to handling virtual assets themselves Payment Services Act (Finnish).
Act on Virtual Currency Providers (Laki virtuaalivaluutan tarjoajista 572/2019): Enacted in 2019, this act transp...
Act on Virtual Currency Providers (Laki virtuaalivaluutan tarjoajista 572/2019): Enacted in 2019, this act transposes parts of the EU's 5th Anti-Money Laundering Directive (5AMLD) into Finnish law for virtual currency providers. It defines virtual currency providers as obliged entities, requires registration with FIN-FSA, and mandates compliance with strict AML/CTF requirements Act on Virtual Currency Providers (Finnish). The act is available in Finnish at Finlex Finlex - 572/2019.
Record-Keeping: Comprehensive records of all transactions and accompanying information must be maintained and rea...
Record-Keeping: Comprehensive records of all transactions and accompanying information must be maintained and readily available to FIN-FSA or law enforcement Anti-Money Laundering Act Chapter 3, Section 14
Administrative Fines: Significant financial penalties imposed on the VASP, its management, or individuals respons...
Administrative Fines: Significant financial penalties imposed on the VASP, its management, or individuals responsible for breaches. Fines can range from thousands to millions of euros, depending on severity. For serious AML breaches, fines can be up to €5 million or 10% of total annual turnover, or twice the benefit derived from the breach, whichever is higher Anti-Money Laundering Act Chapter 10
FIN-FSA Administrative Sanctions
FIN-FSA Administrative Sanctions
Bank of Finland - Financial Stability
Bank of Finland - Financial Stability
No history of bankruptcy or business prohibitions Finlex
No history of bankruptcy or business prohibitions Finlex
Bank of Finland (Suomen Pankki): Monitors virtual asset market developments from a financial stability perspectiv...
Bank of Finland (Suomen Pankki): Monitors virtual asset market developments from a financial stability perspective Finanssivalvonta
Administrative Fines: Significant financial penalties up to €5 million or 10% of total annual turnover, or twice ...
Administrative Fines: Significant financial penalties up to €5 million or 10% of total annual turnover, or twice the benefit derived from the breach, whichever is higher Finlex
Criminal Penalties: Severe or intentional violations can lead to imprisonment and substantial fines under the Fin...
Criminal Penalties: Severe or intentional violations can lead to imprisonment and substantial fines under the Finnish Penal Code Finlex
Coinmotion Oy case: Finanssivalvonta issued a public warning on February 9, 2022, instructing Coinmotion Oy to re...
Coinmotion Oy case: Finanssivalvonta issued a public warning on February 9, 2022, instructing Coinmotion Oy to rectify identified deficiencies in AML/CTF processes Finanssivalvonta
Finanssivalvonta - Administrative Sanctions
Finanssivalvonta - Administrative Sanctions
This profile is maintained by AI research workers and updated regularly. Connect via MCP for programmatic access.