Cryptocurrencies in Finland: 5 Things You Should Know
The Republic of Finland is a country in Europe with a population of 5.5 million citizens. Unlike some other countries of the world, Finland is one of those countries that is crypto-friendly. No doubt they are the first European country to have a Bitcoin ATM installed in their country. Facts show that most cryptocurrency companies carry out operations in Finland freely. Suomiarvostelut.fi gives you a review of cryptocurrency firms and other financial service companies that operate in Finland.
It is very obvious that Finland is a good place for cryptocurrency activities and these are some of the things you have to know concerning Finland and cryptocurrency:
Cryptocurrency is Legal:
Cryptocurrency is seen by many people as the revolution of money. In Finland, all legal cryptocurrency activities are legal from buying them to selling them and this is why many companies that do business in crypto have their headquarters or branch there.
Even ordinary banks render help to their customers who want to purchase cryptocurrency assets by recommending a reliable and trusted crypto firm. Finland is among the developed countries where crypto events can be organized without the fear of breaching the law.
Cryptocurrency is a Commodity:
As much as Finland supports cryptocurrency-related activities in the country, it has not classified or approved it as a currency in the country rather it is seen as a commodity. This means that in Finland, cryptocurrency has not been recognized yet as a national means of payment but is recognized as a financial service. This means that cryptocurrency is a financial service that can be bought or sold.
There Are Laws Regulating Cryptocurrency Activities:
Cryptocurrency is legal in Finland, but there are laws that are provided to guide the actions of those who use cryptocurrency to avoid wrong usage or theft. This law came into effect on the 1st of May 2019, and it compels all cryptocurrency service providers to abide by the dictates of this law to avoid punishment.
Those who are to keep these laws include cryptocurrency exchanges, wallet providers, crypto issuers, etc. All those mentioned above are known virtual currency providers, and they are expected to register under FIN-FSA which is the regulatory body of cryptocurrency providers.
Not Every Bitcoin Business Has their Headquarters in Finland:
Because Finland is crypto-friendly doesn’t mean that all the Bitcoin businesses should have their company headquarters there. There are just a few cryptocurrency companies headquartered in Finland despite how favourable the environment is for such businesses.
Finland is an Ideal Place to Mine Cryptocurrency:
Since internet speed is one of the factors that determine whether a country is suitable for cryptocurrency mining activities or not, Finland is an ideal place to mine crypto since the country’s internet speed rate is 108.83 Mbps. The temperature and the cost of electricity in Finland also encourage the mining of Cryptocurrencies in the country.
Cryptocurrency is virtual money in a decentralized system. Some countries have banned the activities of cryptocurrency in their country, but Finland remains one of the best places in the world to carry out cryptocurrency business as it is legal there, and its environment supports the mining of cryptocurrency.