Virtual currencies may only be marketed in Finland by providers registered hereThe marketing of virtual currencies and related services has increased in the Finnish media and everyday street life. The Financial Supervisory Authority (FIN-FSA) points out that only registered virtual currency providers can market virtual currencies and related services in Finland. It is important that the sellers of advertising space are also aware of this fact.
Under the Act on Virtual Currency Providers, a trader may provide services related to virtual currencies in Finland only if registered as a virtual currency provider in accordance with the Act.
Such services cover, for example, the targeted marketing of a virtual currency or a related service to Finns. Hence, the marketing of virtual currencies in Finnish and in Finland is only allowed for entities registered as virtual currency providers in Finland.
However, the obligation to register does not apply, for example, to situations where a Finnish customer ends up on a foreign service provider’s website on his or her own initiative or encounters advertising on international websites that is not targeted specifically at Finnish citizens.
The FIN-FSA has contacted entities it has found to be engaged in advertising virtual currencies targeted at Finland without proper registration. It is important that the parties selling advertising space also take into account in their contractual processes the registration obligation for virtual currency service providers.
The FIN-FSA handles virtual currency providers’ applications for registration and supervises compliance with the law. Registered virtual currency providers can be checked on the FIN-FSA’s website in the section 'Registers' under 'Lists of supervised entities'.
Hanna Heiskanen, Senior Digitalisation Specialist. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.
- Supervised entities (virtual currency providers are listed under ‘Undertakings operating in the capital market’)
- Act on Virtual Currency Providers (in Finnish)
- FIN-FSA help page for entities intending to register as virtual currency providers