In Finland, the Financial Supervisory Authority published stricter rulings regarding crypto marketing.
While crypto is becoming more and more popular, Finnish have dropped a formal notice. The Finnish Financial Supervisory Authority (FSA) stated:
“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 a very economically free country, ranking 17th in the Index for Economic Freedom.
The FSA seems to be keen to protect investors-especially retail investors, who are more likely to be affected by marketing activities. If the meme mania of the bull market from 2020 to 2021 can continue, then there will be more retail FOMO around the world.
The FSA press release is a direct response to the rise of Finnish digital currency and related service marketing. Finnish media have observed the increasing traffic of cryptocurrency articles. In a recent editorial in the mainstream media Helsinki Times, the author concluded that cryptocurrency is very popular in Finland and will continue to be popular in the next few years.
Elsewhere in Finland, the adoption of local cryptocurrencies is brewing. Finnish e-sports company Elisa Esports announced a partnership with cryptocurrency company Coinmotion to support the Nordic e-sports sector.
However, the list of regulated entities operating in the cryptocurrency and digital currency fields is still very small. There are fewer than 10 companies registered, so the recent notice may be a recognition of future regulation and the changing regulatory landscape.
Crucially, the FSA cannot provide advice to Finnish customers who visit foreign websites. The recent move will not affect advertisements on international websites that are not specifically targeted at Finnish citizens.
Therefore, when regulators begin to pay attention to the local market, Finnish crypto advocates can continue to visit international crypto websites.
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