Finnish Regulatory Authority Introduces Strict Rules About Cryptocurrency Marketing
In the scenario of the mounting hype of cryptocurrency, a formal notice has been issued by Finnish regulators. On 24th November, the FIN-FSA (Financial Supervisory Authority) stated that only those providers of cryptocurrency who are registered are allowed to market their virtual currencies as well as their related services across Finland. Digital currency marketing in Finland, as well as Finnish, is just permitted for the bodies having a status of being registered as the providers of digital currencies in Finland. The country is extremely economically free being ranked at 17th position according to the Index for Economic Freedom.
Nonetheless, Sebastian Sonntag (the CEO of LocalBitcoins), on getting the FSA license thereof in 2019, stated that the restrictions in the sector of finance are specifically of high level and Consumers’ position is protected to a great extent. It seems that the attention of FSA is now centered on the security of the investors, especially the retail investors and there is a chance that some marketing operations can influence them. If the meme mania of the bull runs during 2020-21 effectively provides something that will be the additional retail FOMO throughout the world.
The press release of FSA is straightly responding to the upsurge in marketing related to the digital assets as well as the services linked with them within Finland. Amplified traffic regarding crypto articles has been witnessed by Finnish media, whereas in a fresh editorial by Helsinki Times (a mainstream outlet) the writers came to the conclusion that the cryptocurrency is now in fashion in the country and expected to acquire fame during the following years. Apart from this, the native crypto adoption rate is growing gradually in Finland. Elisa Esports (a Finnish firm for esports) declared to have collaboration with Coinmotion (a crypto company) to expedite the esports scenario in the Nordic region.
Nevertheless, even at present, the list containing the supervised bodies running in the virtual currency as well as cryptocurrency field is a bit small. The number of organizations that are registered is less than 10, thus the latest notice may point toward the evolving regulations toward the crypto space. Chiefly, the Finnish consumers cannot be advised by the FSA from accessing foreign websites. The impact of advertisements published on the international websites over the Finnish residents cannot either be altered by the recently taken initiative.
