A cryptocurrency exchange is an online platform where you can buy, sell and trade crypto tokens. They also offer wallets for storing your tokens securely.
In Finland, cryptocurrency exchanges must be regulated by the FIN-FSA. They must comply with anti-money laundering (AML) requirements and KYC rules, among other things.
Legality
In Finland, it’s legal to operate a cryptocurrency exchange. However, it’s important to understand the law and the requirements for registering a crypto company.
In the last few years, crypto-related companies have been regulated in Finland through the Financial Supervisory Authority (FIN-FSA). They must meet statutory requirements and be able to ensure customer funds are safely stored.
The Finnish legislation on virtual currencies aims to prevent illegal money laundering and financing of terrorism. It also imposes a penalty for failing to comply with the law.
For instance, the law requires exchange providers to register and submit a proof of identity in order to provide services to Finnish customers. In addition, they must meet specific authorized Bybit requirements.
The FIN-FSA is planning to hold a briefing on 15 May for crypto firms to explain how they must comply with the new laws. It will also shed light on the required steps of registration and other requirements that they need to fulfill.
Regulation
Finnish cryptocurrency regulations are designed to provide safe and secure crypto exchange services. These requirements include a license from the FIN-FSA and compliance with anti-money laundering (AML) rules.
As of May 1, 2019, the Government of Finland imposed a series of regulatory obligations for cryptocurrency exchanges and custodial wallets. The new Act on Virtual Currency Providers implements the EU Fifth Anti-Money Laundering Directive and requires fiat-to-crypto exchanges to meet Know Your Customer (KYC) rules for monitoring customer transactions and filing suspicious activity reports.
In general, Finnish cryptocurrency regulations are quite transparent and understandable for companies, requiring them to adhere to high activity standards. It also allows providers to operate in a way that is both legally and financially sustainable.
Fees
Cryptocurrency exchanges in Finland charge a range of fees to cover the cost of operating their services. These fees can include network and exchange fees, trading fees, and more.
You should always check the fees before using a cryptocurrency exchange to avoid paying extra for services you do not need. This is especially true if you are new to investing in cryptocurrencies.
Bybit https://www.bybit.com/en-US/ and Pepperstone are two of the best exchanges for beginners in Finland as they verify your account instantly, have easy-to-use trading platforms, and provide great customer support.
You can buy bitcoin in Finland with cash at ATMs or through a local peer-to-peer (P2P) marketplace. This is a safe and convenient way to acquire crypto, but you should be aware of potential security issues.
Security
Aside from the fact that they are regulated, cryptocurrency exchanges in Finland take many security measures to ensure the safety of your funds. These include securing your private keys, using only high-grade hardware, and conducting regular audits by independent security organizations.
Several crypto service providers – Northcrypto, Local Bitcoins, Prasos Cash Management, Prasos Oy and Tesseract Group – were recently approved to operate in the country by the Finnish Financial Supervisory Authority (FIN-FSA). According to the law, all providers of virtual currencies must register with the regulator.
All FIN-FSA registered companies are required to adhere to Know Your Customer and Anti-Money Laundering rules. Moreover, they must provide customers with the exact difference between their own assets and those of the provider, as well as implement a set of technical and IT measures aimed at ensuring the safety of client funds.