FINLAND Law and Practice Contributed by: Jon Hautamäki, Max Atallah and Mikael Huhtala, Nordic Law
Under MiCA, CASP authorisation from the FIN-FSA is required for: • custody and administration of crypto-assets on behalf of clients; • operation of a trading platform; • exchange of crypto-assets for fiat currency or other crypto-assets;
lation will significantly affect the interaction between payment services and crypto-asset services, and the EBA’s June 2025 no-action letter on the MiCA and PSD2 overlap remains a live compliance issue pend- ing PSD3’s resolution. DeFi and DAOs remain outside MiCA’s scope and are expected to attract increas- ing regulatory attention. The EU AI Act, applying from August 2026, will add compliance complexity for AI- driven crypto-asset applications. 2.3 Regulated Firms and Legal Wrappers Where investors access crypto-asset exposure through a fund structure rather than directly, the regulatory analysis shifts materially. Collective invest- ment schemes, including alternative investment funds investing in crypto-assets, are primarily regulated under the Alternative Investment Fund Managers Act (162/2014), which implements the AIFMD. An entity managing such a fund must obtain AIFM authorisa- tion from the FIN-FSA, irrespective of the fund’s size or investment scope, unless assets under manage- ment fall below relevant thresholds permitting reg- istration rather than full authorisation. Crypto-asset AIFM structures have been successfully authorised in Finland in practice, with at least two such operators now active in the market, demonstrating that this is a viable and established route for regulated crypto- asset fund management in the jurisdiction. An AIFM managing a fund with crypto-asset exposure does not itself require CASP authorisation solely by reason of that exposure, provided it does not directly provide crypto-asset services to third parties. How- ever, the fund’s custody arrangements for crypto- assets require careful structuring, as MiCA’s custody and safekeeping requirements will apply where assets are held through an authorised CASP acting as sub- custodian. Beyond fund structures, traditional financial institu- tions such as banks may now incorporate crypto- asset services into their offerings under MiCA, typi- cally by notifying the FIN-FSA rather than seeking full CASP authorisation. Credit institutions may addi- tionally issue ARTs or EMTs under certain conditions, providing an alternative structural route for regulated entities seeking crypto-asset exposure.
• execution of client orders; • placing of crypto-assets;
• reception and transmission of orders; • provision of advice on crypto-assets;
• portfolio management; and • transfer of crypto-assets.
EMT issuers must additionally hold either a credit institution licence or an EMI licence. Notably, enti- ties wishing to offer crypto-assets other than ARTs or EMTs no longer require a separate authorisation for the issuance itself, representing a significant change from Finland’s formerly stringent national regime. Tra- ditional financial institutions such as banks may also now incorporate crypto-asset services into their offer- ings, typically by notifying the FIN-FSA, and credit institutions may issue ARTs or EMTs under certain conditions. No crypto-asset activities are explicitly prohibited in Finland beyond conducting regulated services without authorisation. MiCA does not draw a gen- eral retail versus professional distinction equivalent to MiFID II, though certain disclosure and marketing requirements are calibrated to protect retail investors, including mandatory white paper requirements and fair, clear and non-misleading communication stand- ards. CASPs must handle customer complaints in all languages used for marketing communications across the EEA. Market manipulation, insider dealing and unlawful disclosure of inside information in relation to crypto-assets admitted to trading are prohibited under MiCA’s market abuse framework. iXBRL white paper formatting requirements entered into application in December 2025, and mandatory reporting obligations requiring CASPs to submit detailed customer transaction data to the Finnish Tax Administration under DAC8 are now in force. The introduction of PSD3 and the Payment Services Regu-
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