Finnish crypto exchanges: what does a MiCA licence mean?
From 2019 to 2025, it was enough for a Finnish crypto service to register in the FIN-FSA's register of virtual currency providers. The register was closed on 30 June 2025, and crypto-asset services can now be provided only with a licence under the EU MiCA Regulation.
A MiCA licence is clearly stricter than the old registration, but it is not the same as a bank licence, and deposit guarantees do not apply to crypto.
| Requirement | What it means in practice |
|---|---|
| Reliable and competent management | Management must be reliable and sufficiently skilled, and the supervisor assesses this before granting the licence |
| Own funds and information security | The company must have minimum capital and proper information security and risk management systems |
| Preventing money laundering and terrorist financing | Customer identification (KYC) and a duty to report suspicious transactions to the Financial Intelligence Unit |
| Segregation of client assets | Customers' assets must be kept separate from the company's own assets |
| Ongoing supervision | The supervisor can carry out inspections and revoke the licence if the requirements are not met |
A licence does not remove the market risk of investing in crypto. It does not mean that the FIN-FSA guarantees the solvency of any exchange or the price of the coins it offers.
| Exchange | Licence holder | MiCA licence granted |
|---|---|---|
| Coinmotion | Coinmotion Oy | 2 July 2025 |
| Northcrypto | NorthCrypto Oy | 25 November 2025 |
| KvarnX | Kvarn Capital Oy | 2 December 2025 |
Sources: ESMA's MiCA register (checked 5 October 2026) and FIN-FSA news release, 7 July 2025
Finnish crypto exchange vs international crypto exchange
There is no longer a regulatory difference between Finnish and international exchanges: all need the same MiCA licence. An international platform operates in Finland with a licence granted by the supervisor of another member state. For example, eToro's European unit is supervised by the Cyprus Securities and Exchange Commission, CySEC.
Both are legal ways to offer crypto services in the EU, but responsibility lies with a different authority.
The practical difference shows in selection and costs. Finnish crypto exchanges are pure crypto platforms, so their pricing and interface are built only for that, which is why KvarnX, for example, gets below 1% in trading fees.
International eToro, by contrast, packs shares and CFD trading into the same account, which shows up as a higher fixed trading fee (1.00%), and withdrawals are typically slower than at Finnish SEPA-based exchanges. All our international reviews are listed on the crypto exchanges in Finland overview.
Can you use Finnish crypto exchanges in English?
The Finnish exchanges were built primarily for Finnish customers. Two practical points matter for internationals living in Finland:
- Identification: Coinmotion, Northcrypto and KvarnX identify new customers with Finnish online banking credentials or a mobile certificate. If you don't have Finnish bank ID yet, an international MiCA-licensed platform that verifies identity with an ID document may be easier; see buying crypto without Finnish bank ID.
- Language: the services and their customer support are primarily in Finnish (Coinmotion also in Swedish). Check the current language options of the app and support before you deposit larger amounts.
Reliable Finnish crypto exchanges compared
We assess each Finnish crypto exchange below with the same criteria: sign-up, fees, withdrawals, and security and supervision. All are Finnish limited companies holding a MiCA licence granted by the FIN-FSA.
| Exchange | Score | Trading fee | Founded | Stands out for |
|---|---|---|---|---|
| Coinmotion | 8.8 / 10 | From 0.8% | 2012 | Longest track record, widest selection |
| Northcrypto | 8.5 / 10 | From 0.6% | 2018 | Steady, predictable fee structure |
| KvarnX | 7.9 / 10 | From 0.1% | 2023 | Lowest trading fee in our comparison |
Coinmotion, Northcrypto and KvarnX have performed best in our assessment, but "best" depends on your situation. The full comparison by situation is on our best crypto exchanges in Finland page. If a low trading fee matters most, look at KvarnX first; if you value the longest track record, Coinmotion has been on the market the longest.
Other operators on the FIN-FSA's old register – what to know
Over the years, the FIN-FSA's old register of virtual currency providers also included other Finnish crypto platforms that are not consumer exchanges as such or that have stopped operating.
For example, LocalBitcoins, one of the earliest bitcoin marketplaces in Finland and the world, founded in Helsinki in 2012 and one of the original FIN-FSA-registered operators, closed its consumer exchange service in 2023 due to falling trading volumes.
It is a good reminder that the situation changes: always check the FIN-FSA's list of supervised entities or ESMA's MiCA register before opening an account with any lesser-known operator, rather than relying on a single article.
FIN-FSA warning list: how to spot unlicensed crypto services
The Finnish Financial Supervisory Authority maintains a public list of warnings about unauthorised service providers. We don't repeat individual names here because the list changes constantly, and an outdated copy could give the wrong picture. Always check the list directly before depositing money on an unfamiliar platform.
Instead, here is a checklist of signs that recur in almost every case the FIN-FSA hears about:
- The crypto service has no MiCA licence: before depositing, check that the company appears in the FIN-FSA's list of supervised entities or ESMA's MiCA register under a name that matches the payment recipient.
- Guaranteed returns: no legal investment service can promise a fixed, guaranteed return on crypto markets. This is almost always a sign of a scam.
- A sense of urgency and pressure: a genuine crypto exchange doesn't demand a decision within minutes or threaten you with a lost opportunity.
- A request to install remote access software: no genuine support agent needs access to your computer to see your account.
More scam types and how to recognise them are covered in our guide to crypto scams in Finland.
Finnish crypto exchanges: frequently asked questions
Is a MiCA licence the same as a banking licence?
No. A banking licence comes with stricter capital requirements and deposit guarantees. A MiCA licence sets its own requirements for crypto services, but crypto-assets are not covered by deposit guarantees.
Does deposit insurance protect my crypto on a licensed exchange?
No. Deposit guarantees cover only bank deposits, not crypto on any platform. A licence is not the same as investor protection.
Can a foreign exchange legally serve customers in Finland without a FIN-FSA licence?
Yes, if it holds a MiCA licence in another EU country: a crypto-asset service provider licensed elsewhere in the EU can offer services across borders throughout the Union, including Finland. For example, Kraken's EU companies hold a licence granted by the Central Bank of Ireland. Check each exchange in ESMA's MiCA register, because not all well-known exchanges are licensed.
Which Finnish crypto exchanges are there right now?
At the time of writing (October 2026), there are three purely Finnish exchanges with a MiCA licence from the FIN-FSA: Coinmotion, Northcrypto and KvarnX. This can change, so check the FIN-FSA's list of supervised entities for up-to-date information.
Why do crypto exchanges require KYC if Bitcoin was meant to be anonymous?
KYC ("know your customer") is a legal requirement aimed at preventing money laundering and terrorist financing, and it applies to all financial services operating through the banking system, including licensed crypto exchanges. It is unrelated to how the Bitcoin network itself works: the blockchain remains pseudonymous, but the exchange knows who uses the account.
How do Finnish crypto exchanges structure their fees?
The most common model is a percentage of the trade amount, often tiered by monthly volume: the more you trade, the lower the fee. Some exchanges also use a maker/taker model, where an order that adds liquidity to the order book ("maker") is cheaper than one that fills immediately ("taker"). Check the exact, current fees on each exchange's own price list before opening an account.
Does the choice of exchange affect crypto taxes in Finland?
Not directly: in Finland, tax liability arises from capital gains regardless of where the trade took place. In practice, a Finnish exchange can make reporting easier because the transaction history is easy to download. See our guide to crypto taxes in Finland.
This content is general information, not investment advice. A licence does not remove the market risk of crypto-assets.
