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Finnish Regulators Tighten Rules For Digital Currency

Anna Martynova

The Finnish Financial Supervisory Authority (FSA) said Wednesday that only registered virtual currency providers can sell virtual currency and provide related services in Finland. The sale of virtual currencies in Finland is only permitted to organizations registered as virtual currency providers in Finland.

According to Sebastian SONNTAG, CEO of LocalBitcoins, supervision of the financial sector in Finland is particularly high quality and the position of clients is well protected. The FSA is committed to protecting investors, especially retailers, who are more likely to be influenced by marketing activities.

The FSA press release is a direct response to the growth in digital currency marketing and related services across Finland. Finnish media have seen an increase in the traffic of articles about cryptocurrency, and in a recent editorial by the Helsinki Times, writers concluded that cryptocurrency is trendy in Finland and will continue to be popular for years to come. For example, Finnish esports company Elisa Esports has announced a partnership with crypto firm Coinmotion to support the Scandinavian esports scene.

Image: The Cryptocurrency Post

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