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Regulation of Virtual Currencies in Finland

Yes, there are regulations governing virtual currencies in Finland. The key points to note include definitions, anti-money laundering requirements, promotion of crypto-assets, and regulation of stablecoins.

Definition of Virtual Currency

A virtual currency is defined as a value that meets the following criteria:

• Is not issued or guaranteed by a central bank or other public authority
• Is not a legal means of payment, but can be used as a means of payment
• Can be transferred, stored, and traded electronically

Anti-Money Laundering Requirements

Finnish anti-money laundering requirements are set out in the Act on Preventing Money Laundering and Terrorist Financing (444/2017). Registered virtual currency providers must comply with all obligations under the Finnish AML Act, including:

• Preparing a risk assessment on money laundering and terrorist financing
• Conducting customer due diligence and ongoing monitoring
• Reporting suspicious transactions to the Financial Intelligence Unit in accordance with the AML Act

Promotion of Crypto-Assets

Only virtual currency providers registered with the FIN-FSA can market virtual currencies and related services in Finland. When marketing virtual currencies, the registered virtual currency provider must:

• Provide the customer with all relevant information when making decisions about virtual currency services
• Not provide false or misleading information or act otherwise unfairly towards the customer or contrary to good market practices

Regulation of Stablecoins

There is no specific reference to stablecoins in existing national law (i.e., the Virtual Currency Act). However, if a stablecoin falls under the definition of a “virtual currency” under the Virtual Currency Act, it is likely that:

• The obligations under the Virtual Currency Act would apply to the issuer of stablecoin
• The issuer provides “virtual currency services” in Finland