If you plan to open a cryptocurrency company in Finland, you should know that buying, selling, and using cryptocurrency is legal here. However, it is important to note that the cryptocurrency companies must meet specific legal standards, such as reliability and the ability to hold and secure customer funds. The Government of Finland imposed regulations for cryptocurrency services and on May 1, 2019, the Act on Virtual Currency Providers come into effect.
If you want to open a cryptocurrency company in Finland, you are welcome to get in touch with our company incorporation experts. They will provide you with detailed assistance regarding company formation in Finland because it is crucial to comply with the company regulations in this country.
Steps to open a cryptocurrency company in Finland
You are encouraged to get in touch with our company incorporation consultants if you want to obtain a cryptocurrency exchange license in Finland. Our specialists can provide you with comprehensive practical assistance regarding acquiring this license. However, you can also find below a general guide about how to open a cryptocurrency company in Finland:
- Create a corporation in Finland, such as an OY(osakeyhtiö), it is also called a limited liability company with a registered capital, which is a popular counterpart of a joint-stock company;
- Purchase or rent real estate to have a physical office and open a bank account;
- Hire employees and directors who must have economic or financial education and work experience in the industry, as required by the European regulations;
- Draft the papers required by the European regulators when applying for cryptocurrency exchange licenses in Finland, such as a business plan with several years of financial sources, anti-terrorist financing and money laundering policies, user agreements, internal control standards, and so on;
- Risks should be thoroughly examined, and due diligence should be carried out;
- Protect customer information and operations by automating regulated access and ensuring compliance with KYC (Know Your Customer) and GDPR (General Data Protection Regulation) requirements.
If you need more comprehensive information about how to open a cryptocurrency company in Finland, you are welcome to interact with our experts. They can help you throughout the incorporation procedure. In addition to this, if any question bothers you, you can ask one of our team members without any hesitation. They will provide you with comprehensive consultation.
Cryptocurrency status in Finland
Cryptocurrencies are classified as higher-risk assets by the Finnish government and the Central Bank, and they are not considered genuine money. Government agencies and financial regulators regard cryptocurrency and other non-fiat currencies as payment instruments and non-existent assets, stressing over their shaky nature and severe dangers. Keeping in view these considerations, if you want to obtain a cryptocurrency exchange license in Finland, it is recommended to benefit from legal assistance along your company incorporation journey. Our Latvian incorporation consultants can provide you with detailed help to comply with the local regulations.
Besides assisting you to open a cryptocurrency company in Finland, our specialists can also help you with other matters. For instance, if you want to open a branch in this country, you are welcome to interact with our company incorporation specialists.
Cryptocurrency taxation in Finland
If you want to open a cryptocurrency company in Finland, you must know that the exchange operations, including cryptocurrency trading, are treated as private contracts and are subject to capital gains taxes. So, any income received from crypto transactions is subject to taxation in Finland. A capital income tax of 30-34 percent applies to spending and exchanging cryptocurrency. Mining cryptocurrency income is subject to a progressive earned income tax as well as local taxes. The exact rate is determined by the amount received. Losses are exempt from taxation.
If you want to open a cryptocurrency company in Finland, please get in touch with our company incorporation consultants. In addition to the company incorporation, they can also guide you on how to obtain a cryptocurrency exchange license in Finland.
Foreign direct investment (FDI) in Finland
If you want to open a cryptocurrency company in Finland as a foreigner, you can check the foreign direct investments in this country (FDI) below:
- According to Statistics Finland, Finnish investors’ returns on foreign direct investments was EUR 11.3 billion in 2020;
- Foreign owners’ returns on direct investments to Finland was about EUR 5.5 billion;
- According to the most recent OECD data, FDI inflows to the country were calculated at USD 0.6 billion in the first half of 2021, compared to a negative flow of USD 2.4 billion the previous year.
Contact our company formation experts if you want to open a cryptocurrency company in Finland. Not only with the incorporation of a cryptocurrency company, but our agents can also help you with the formation of any other company structure. If you are planning to set up a company in Finland, for instance, a limited liability company, branch, subsidiary or any other form of company, the services of our agents are at your disposal. They can further help you with company registration and obtaining relevant licenses.
Furthermore, if you cannot afford a physical office in Finland, you can also apply for a virtual office. You can get details about virtual office packages from our experts.