Foreigners interested in a crypto license in Finland can benefit from the tailored services provided by our team. Opening a crypto company in Finland requires attention to matters of procedures, legislation, and formalities, especially regarding the Virtual Asset Service Provider (VASP) license in Finland. Below is information about how to open a company in Finland in the crypto sector, with the help of our local agents.
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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 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:
- company formation in Finland might involve opening an OY(osakeyhtiö). This 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 in Finland;
- 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 a crypto license 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 crypto company in Finland, you are welcome to interact with our experts. They can help you throughout the process of company incorporation in Finland.
What are the conditions for getting a cryptocurrency license in Finland?
In order to carry out activities as a crypto company in Finland, a license is required. Here are the conditions that must be met to receive this license, known as a Virtual Asset Service Provider (VASP) license in most countries of the world, and CASP (Crypto-Asset Service Provider (CASP) in Finland:
- for a CASP license to be obtained, applicants/business owners must implement the Anti-Money Laundering (AML) policies in the firm;
- applicants must observe the EU’s Markets in Crypto Assets Regulation (MiCA);
- a Compliance Officer must be appointed. This can be one of our Finnish agents who can deal with the CASP license formalities;
- the “fit and proper” status is mandatory for key personnel in the firm. This status must be provided at the time the CASP license application starts;
- applicants must also present a business plan including user agreements, risk assessments, terms & conditions, and internal controls;
- paying specific fees imposed by the Financial Supervisory Authority (FIN-SA) in Finland is also mandatory.
These are some of the requirements imposed for obtaining a CASP license in Finland. The financial authorities, namely FIN-SA, place great emphasis on implementing Anti-Money Laundering and Combating the Financing of Terrorism policies in a cryptocurrency company in Finland, so attention is also recommended in this direction. Our specialists in company formation in Finland are at your side with full assistance in obtaining a CASP license.
Various crypto asset services and required capital
Various crypto-asset services can be carried out in Finland. You can follow the following lines to know what capital is needed, depending on the desired activities through a crypto company in Finland:
- 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.
Regardless of the crypto services you intend to offer in Finland, our specialists are at the disposal of local and foreign entrepreneurs for the establishment of a company. Everything you need to know about the legislation and incorporation formalities can be found from our agents in company incorporation in Finland.
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. Keeping in view these considerations, if you want to obtain a crypto license in Finland, it is recommended to benefit from assistance. The company formation in Finland can be handled by our local agents, who can provide detailed assistance to comply with the local regulations.
Cryptocurrency taxation in Finland
If you want to set up a company in Finland and provide cryptocurrency-related services, 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% applies to crypto gains of at least EUR 1,000. A 34% tax rate applies to crypto gains exceeding EUR 30,000.
If you want to open a cryptocurrency company in Finland, please get in touch with our company formation consultants. In addition to the company incorporation, they can also guide you on how to obtain a CAPS license in Finland.
How can our specialists help you if you want to start a crypto company in Finland?
Starting a business in Finland involves various steps. While in some business sectors, the formalities and procedures are much simpler, in the cryptocurrency field, there are more aspects to consider. Here’s how our Finnish agents can help you if you want to open a crypto company in Finland:
- We assist investors in opening a company by managing the paperwork, procedures, etc. We can facilitate communication/collaboration with the local authorities.
- We can take care of the formalities related to the Virtual Asset Service Provider (VASP) or CASP license in Finland. The crypto license in Finland is very important and necessary before starting the desired activities.
- The anti-money laundering policy is implemented in the company before the start of activities. Our specialists will ensure that this is understood and correctly applied in the crypto company in Finland.
- Our specialists can also take care of opening a bank account, registering for the payment of taxes, and translating and legalizing documents.
- These are some of the services and support offered in opening a crypto business in Finland. Our services are customized according to the client’s business requirements.
Statistics about cryptocurrency in Finland
Those who want to obtain a crypto license in Finland and be active in this sector are invited to discover some interesting facts about this expanding sector:
- An annual growth of approximately 5.88% is expected in the digital currency market in Finland, during 2024-2028.
- About USD 102.30 is the average income per user of virtual currency in Finland in 2024.
- It is estimated that there will be over 1.91 million crypto users in Finland by the end of 2028.
- A consistent increase was observed, every year, among investors in Finland and startup founders in the cryptocurrency sector.
Our agents can help local and foreign entrepreneurs with the formation of any other company structure. 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.