Buying, owning and selling cryptocurrency is fully legal in Finland. Crypto is not legal tender like the euro, so nobody is obliged to accept it as payment, but private individuals can invest in it freely. Gains are taxed as capital income; see crypto taxes in Finland.

What is regulated is the companies: since 1 July 2025, only firms holding a licence under the EU's MiCA regulation may actively offer crypto services in Finland. For you as a user, the most important practical step is to choose a licensed service.

What is the MiCA regulation?

MiCA (Markets in Crypto-Assets, Regulation (EU) 2023/1114) is the EU's regulation on crypto-asset markets. It is the first EU-wide regulation covering crypto exchanges, crypto custodians, other crypto-asset service providers and stablecoin issuers.

Before MiCA, regulation of crypto services varied by country. In Finland, virtual currency providers only had to register with the Finnish Financial Supervisory Authority (FIN-FSA), which was a much lighter procedure than today's licence. Under MiCA, service providers must have, for example, qualified management, sufficient own funds, segregation of customer assets, information security and management of conflicts of interest.

A licensed company can offer its services across the EU and EEA through so-called passporting. That is why an exchange licensed in Luxembourg or Malta, for example, can also serve customers in Finland.

MiCA in Finland: timeline and transition periods

DateWhat happened
30.6.2024The rules on stablecoins (e-money tokens and asset-referenced tokens) began to apply.
30.12.2024MiCA began to apply in full, including to crypto-asset service providers.
30.6.2025Finland's national transition period ended. Since then, only licensed companies have been allowed to actively offer crypto services in Finland.
1.7.2026Even the longest EU transition periods ended, so MiCA now applies to all crypto services operating in the EU.

According to the FIN-FSA, Finland's six-month transition period was one of the shortest in the EU, as many countries had a transition period of 12–18 months.

Which crypto services does MiCA cover?

A MiCA licence is required when a company professionally offers crypto-asset services in the EU, for example:

  • custody and administration of crypto-assets on behalf of clients
  • operating a trading platform for crypto-assets
  • exchanging crypto-assets for euros or other crypto-assets
  • executing, receiving and transmitting orders
  • advice on and portfolio management of crypto-assets
  • transfer services for crypto-assets

Banks and other already supervised financial institutions can offer some of these services by notifying the FIN-FSA, without applying for a separate crypto licence.

Licensed crypto exchanges in Finland

In Finland, MiCA licences are granted by the FIN-FSA. Before the transition period ended there were 13 registered virtual currency providers in Finland, and by April 2025 eight companies had applied for a licence. If a licence was not granted, the company had to wind down its operations.

Service we reviewLicensed by
CoinmotionFIN-FSA (Finland)
NorthcryptoFIN-FSA (Finland)
KvarnXFIN-FSA (Finland)
CoinbaseCSSF (Luxembourg)
BitpandaFMA (Austria)
Crypto.comMFSA (Malta)
eToroCySEC (Cyprus)

Licences can change, so always check the situation yourself before opening an account. Instructions are in the next section. Exchanges that are not on the list, such as Binance, are covered in is Binance available in Finland.

How to check a crypto exchange's MiCA licence

  1. Finnish service: look the company up in the FIN-FSA's list of supervised entities.
  2. Foreign service: check the company in the MiCA register of the European Securities and Markets Authority (ESMA), which lists all crypto-asset service providers licensed in the EU.
  3. Compare the company name: a licence always belongs to a specific company. Make sure the company named in the service's terms of use is the same as in the register.
  4. Check the warning list: the FIN-FSA publishes warnings about unauthorised service providers.

If a service is not in either register, it may not actively market crypto services to people in Finland. Such a service is not worth considering.

What MiCA does not protect in Finland

MiCA makes crypto services more reliable, but it does not make crypto a safe investment. The FIN-FSA has highlighted several limitations:

  • No investor compensation fund: crypto-asset services are not covered by the investor compensation fund, and the customer is not protected if the service provider becomes insolvent.
  • No suitability assessment: MiCA does not oblige the provider to assess whether a product is suitable for you.
  • No protection from price risk: the value of crypto can still fall quickly and sharply.
  • No protection outside the EU: MiCA does not protect you in services bought from outside the EU and EEA.

According to the FIN-FSA, a large share of the crypto-related enquiries it receives concern scams. So also read our guide to crypto scams in Finland.

MiCA and stablecoins

MiCA divides stablecoins into two groups: e-money tokens, pegged to a single official currency, and asset-referenced tokens, whose value is based on, for example, a basket of currencies or commodities. Issuers of both need a licence and sufficient reserves.

As a result, several exchanges operating in the EU restricted trading in stablecoins whose issuer did not hold a MiCA authorisation.

Is crypto legal in Finland: frequently asked questions

Is it legal to buy and hold bitcoin in Finland?

Yes. Private individuals can buy, hold and sell bitcoin and other cryptocurrencies freely. Gains from selling, swapping or spending crypto are taxable as capital income, and you report them in your Finnish tax return.

What is the MiCA regulation in short?

MiCA is the EU's regulation on crypto-asset markets, requiring crypto exchanges and other crypto service providers to hold a licence. It began to apply in full on 30 December 2024.

Is a MiCA-licensed exchange safe?

A licence means the authority has checked the company's management, own funds and procedures and supervises it. It does not remove price risk, however, and customers' funds are not compensated by the investor compensation fund if the service fails.

Does MiCA also cover foreign crypto exchanges used in Finland?

It can, if the exchange holds a MiCA licence in an EU or EEA country. The licence is valid throughout the EU. MiCA does not protect customers of services outside the EU.

Does MiCA apply to my own crypto wallet?

Not directly. MiCA applies to companies that provide crypto services. When you keep crypto in your own wallet where only you hold the keys, the responsibility for your funds is entirely yours.

Where can I see whether an exchange has a MiCA licence?

Finnish licensed companies are in the FIN-FSA's list of supervised entities and all EU licences in ESMA's MiCA register.

Sources

This content is general information, not investment or legal advice.