Ready to set up your cryptocurrency company in Finland? This article provides you with the information you need, including details about the assistance that can be provided by our Finnish agents.
| Quick Facts | |
|---|---|
| Is cryptocurrency legal in Finland? | YES |
| Proper business entity | limited liability company (OY) |
| Legislation | Company Law in Finland & Markets in Crypto-Assets (MiCA) regulations |
| License required | Virtual Asset Service Provider (VASP) license in Finland |
| Status | Crypto Asset Service Provider (CASP) |
| Minimum share capital | EUR 2,500 |
| Is a physical office required? | YES |
| Management | At least 1 director is needed. |
| Residency requirements | for Non-EU/EEA company directors |
| Compliance | Must implement Anti-Money Laundering & Know-Your-Customer policies |
| Management | Board of directors. Qualifications are required. |
| Fit & Proper tests | Imposed on key personnel |
| Authorization | Issued by Finnish Financial Supervisory Authority (FIN-FSA) |
| Startup fees | Around EUR 380 |
| Working with our Finnish agents | For proper & complete assistance in opening a crypto company. Personalized offers are available. |
Table of Contents
Who approves crypto companies in Finland?
The Financial Supervisory Authority in Finland (FIN-SA).
What type of license is needed for a crypto company in Finland?
The Crypto-Asset Service Provider (CASP) in Finland.
What is the optimal business structure for a crypto company in Finland?
The limited liability company – OY in Finland.
NOTE: The cost for complete remote company formation in Finland starts at EUR 3,850.
What is the minimum share capital required?
EUR 2,500.
What are the key conditions to open a cryptocurrency company in Finland?
- Set up the LLC,
- Ensure a registered business address in Finland,
- Get the business ID from the Finnish Tax Administration,
- Open a corporate bank account in Finland and pass Anti-Money Laundering & Know Your Customer policies,
- Pass the “fit and proper” test for company personnel.
IMPORTANT:
- the cryptocurrency company in Finland must have at least one key staff member with residency in the EU (representative, manager, etc.),
- applicants must submit a business plan and get approval from FIN-SA.
What should a business plan comprise?
- user agreements,
- risk assessments,
- terms & conditions,
- internal controls, etc.
What is MiCA? Is it imposed for crypto companies in Finland?
Markets in Crypto-Assets Regulation (MiCA) is the EU legal framework imposed for crypto-asset service providers.
MiCA highlights topics & regulations like:
- business transparency & disclosure,
- conflicts of interest,
- market abuse,
- authorizations for crypto-asset service providers,
- client protection and many more.
What is the timeframe for opening a cryptocurrency company in Finland?
About 4-8 months.
What types of crypto asset services can be provided in Finland? Is there a specific share capital required?
Various crypto-asset services can be carried out in Finland. Here are some examples:
- if you open a company offering crypto-fiat services in Finland, you will need a minimum capital of EUR 50,000.
- those who want to manage cryptocurrency portfolios through their companies need a minimum share capital of EUR 125,000.
- in the case of token issuance through a crypto company in Finland, business owners must invest at least EUR 350,000.
For those who are planning to start a company in Finland, like a limited liability company, branch, subsidiary, or any other form of company, the services of our agents are at their disposal. Please contact our company formation experts if you want to open a cryptocurrency company in Finland.
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.