thecoinrise.com
Finland’s regulators have issued an official alert in response to the growing bitcoin frenzy. As per the Finnish Financial Supervisory Authority (FSA), only registered digital currency providers can promote digital currencies and associated services in Finland.
Finland is a country with a high level of economic freedom. As per the American conservative think tank Heritage Foundation, the country is ranked 17th in the Index for Economic Freedom.
It looks like the FSA is working on protecting investors, specifically retail investors who are more prone to get influenced by marketing activities.
If the meme frenzy of the 2020–2021 bull run is taken into consideration, there will be even more retail FOMO all over the world. Elon Musk recently also stated the importance of meme numbers like ‘420’ and ’69.’
The FSA issued a statement in reaction to the increased marketing of digital currencies and related services in Finland. In a recent article in the major outlet, the Helsinki Times, writers stated that crypto is trendy in the country and will maintain its status for years to come.
The regulatory pressure has increased all over the world, and TheCoinRise also recently published a report on the regulatory management of crypto exchange giant Binance.
However, there are still a limited number of Supervised Entities working in the bitcoin and digital currency market. Less than ten companies are registered, and hence, the latest notice could be a forecast of future regulation and the changing regulatory scene.
Finland does not affect global crypto websites
Local crypto adoption is simmering in other parts of Finland. Elisa Esports, a Finnish esports organization, has announced a collaboration with Coinmotion, a cryptocurrency company, to help grow the Nordic esports sector.
Importantly, the FSA is unable to provide advice to Finnish customers who access foreign websites. The latest initiative has no impact on advertising on international websites that are not fully targeting Finnish inventors.
Therefore while the local market is being regulated, Finnish crypto enthusiasts can still continue to access global crypto websites and crypto exchanges.
Finland is not the first country to take control of crypto organizations. Recently, Russia also announced a ban on 17 blacklisted crypto exchanges.