The Finnish Financial Conduct Authority (FSA) says that only licensed companies can advertise financial services in the crypto asset space.
The Finnish regulator is trying to protect investors – now there is a significant surge in interest in cryptocurrencies and digital assets in the country. Accordingly, people are faced with a lot of advertising, and it is retail investors who are overwhelmingly affected.
“Advertising and marketing of virtual currencies in Finland is only permitted for companies registered as providers of virtual currency services. It is important that the agencies that provide advertising space are aware of this, ”the regulator said in a statement.
FSA representatives have already contacted both advertisers and advertising agencies providing space. Interestingly, there are currently only 6 virtual currency service providers registered in Finland.
The statement also contains a disclaimer that foreign cryptocurrency companies do not need to register unless the advertisement is specifically aimed at Finnish citizens.
In September, the UK regulator called on social media to tighten requirements for advertising cryptocurrencies and other “dubious” projects.