Finland’s Financial Supervisory Authority (FIN-FSA) has announced its review of topical supervisory themes, including the full application of the European Union Regulation on Markets in Crypto-Assets (MiCA), which regulates crypto-asset services. This announcement was made in a press release on April 3, 2025.
According to FIN-FSA, the EU Regulation on MiCA became fully applicable on December 30, 2024. It requires crypto-asset service providers to comply with financial market requirements such as management competence, own funds, data transparency, and information security. Companies already operating in the market have been granted transitional periods that vary across Europe. Finland’s six-month transitional period is one of the shortest, with many countries having periods ranging from 12 to 18 months. Finland currently has 13 registered virtual currency providers. To continue operations after June 30, these providers must obtain authorization under MiCA. The FIN-FSA is processing authorization applications from eight companies.
“This means that consumers purchasing crypto-assets or crypto-asset services from outside Finland should be careful,” said FIN-FSA Director General Tero Kurenmaa. He emphasized that “the level of regulatory requirements will vary significantly between countries during the transitional period.” Kurenmaa also noted that “it is important for consumers to note that MiCA does not provide protection for services purchased outside the EU and EEA.”
The European Union states that Markets in Crypto-Assets (MiCA) establishes uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. It aims to ensure transparency, consumer protection, and market stability with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. The regulation includes provisions on governance, disclosure, and preventing market abuse, with oversight by EU authorities like the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
FIN-FSA supervises Finland’s financial and insurance sectors, including banks, insurance companies, pension firms, investment firms, and the Helsinki Stock Exchange. It is funded by the entities it supervises, with additional funding provided by the Bank of Finland. Operating independently within the Bank of Finland and based in Helsinki with approximately 230 employees, its responsibilities include ensuring financial market stability, protecting insured individuals’ rights, and promoting compliance with financial market practices.
