Buying bitcoin in Finland is an easy and secure process. However, it is important to complete the ‘Know Your Customer’ (KYC) process before you start trading.
The Finnish Financial Supervisory Authority (FIN-FSA) regulates crypto exchanges and deposit providers in the country. They verify that these companies have adequate measures to prevent money laundering and terrorist financing, and safeguard their client assets.
Legality
Finland is one of the most progressive countries in the world when it comes to cryptocurrencies. They see the value of blockchain technology and are eager to embrace it.
It is perfectly legal to buy BTC in finland, although some exchanges require verification. This is known as Know Your Customer (KYC) and requires a passport, national ID card, or driver’s license.
Buying crypto in Finland is a simple process that takes less than 10 minutes to get fully setup. It is important to choose a secure and user-friendly exchange.
Profits made from trading or selling cryptocurrencies are taxed as capital income. The rates are 30% for profits up to EUR30,000 and 34% on those above this amount.
Regulation
Cryptocurrency in Finland is regulated by the country’s Financial Supervisory Authority (FIN-FSA). All cryptocurrency exchanges, issuers and custodian wallet providers must register with the agency before they can offer their services.
The registration process requires the provider to show that it has adequate measures to prevent money laundering and terrorist financing, hold and safeguard customer funds and ensure appropriate management structure. Failure to meet these requirements can lead to a ban from operating and fines, FIN-FSA explained.
The FIN-FSA also said that it aims to protect customers from marketing practices that may mislead them. This is particularly true for retail users, who are more likely to be influenced by advertising.
Exchanges
If you’re looking to buy bitcoin in Finland, there are several exchanges that you can use. Each exchange has unique features and services, so you should choose the one that best suits your needs.
Once you have an account with an exchange, you can begin buying cryptocurrency tokens. Depending on the exchange, it may take a few minutes or days for your funds to arrive.
Once you’ve purchased crypto, it’s important to store it on a secure personal wallet. Leaving it on an exchange poses a security risk as hackers can easily find loopholes to steal your coins.
Fees
The fees associated with buying bitcoin in Finland can vary depending on the exchange you choose. Some exchanges may offer lower fees than others, so it is important to shop around and compare them before making a decision.
In addition to fees, you should also consider the exchange’s regulations, security measures, liquidity, and customer support. These factors will help you find the best exchange for your needs and ensure you have a safe and secure crypto trading experience.
For beginners, Capital and AvaTrade are recommended because they have easy-to-use trading platforms and are regulated by the Financial Supervisory Authority (FIN-FSA) in Finland. They also verify accounts instantly, which makes them the best choice for new investors.
Security
Finnish crypto exchanges and wallet providers must adhere to stringent security measures in order to protect customers’ funds. These include storing private keys only on high-grade hardware and conducting regular audits by independent security companies.
Finland’s Financial Supervisory Authority (FIN-FSA) has approved several crypto service providers to operate in the country. These include Northcrypto, Bybit https://www.bybit.com/en-US/ , Prasos Cash Management, Prasos Oy and Tesseract Group.
FIN-FSA’s new Act on Virtual Currency Providers requires regulated crypto services to be compliant with statutory requirements, including adequate customer identification and ensuring client funds are safely stored. Non-compliance will result in a provider being prohibited from trading and subject to fines.