Finnish regulators tighten the screws on virtual currency marketing

The Finnish Financial Supervisory Authority issued stricter guidelines regarding crypto marketing.
Finnish regulators issued a formal notice in response to the growing cryptocurrency hype. The Financial Supervisory Authority (FIN–FSA) announced that only registered virtual currency providers are allowed to market virtual currencies and related services within Finland. Only entities that are registered as virtual currency providers to Finland can market virtual currencies in Finland and Finland. Finland is highly economically free, ranking 17th on the Index for Economic Freedom. Sebastian Sonntag, CEO of LocalBitcoins, stated to Cointelegraph that Finland is highly economically free and ranked 17th in the Index for Economic Freedom. “The controls in financial sector are particularly high quality and clients are well protected.” It seems that the FSA is keen on protecting investors — especially retail — who are more susceptible to being influenced by marketing activities. If the 2020-2021 bull run’s meme mania is any indication, there will be more retail FOMO around the world. The FSA press release is a direct reaction to the increase in marketing virtual currencies and related services. Finnish media reported on an increase in traffic to cryptocurrency articles. A recent editorial by the Helsinki Times concluded that crypto is popular in Finland and will continue to be so for many years. Finnish esports company Elisa Esports has announced a partnership to cryptocurrency firm Coinmotion in order to boost the Nordic esports scene. Related: Finnish Customs Confused About 15M Euro Seized from Bitcoin The FSA cannot provide advice on Finnish customers visiting foreign websites as less than 10 companies have been registered. The recent initiative does not affect advertising on foreign websites that are not specifically targeted at Finnish citizens.

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