Crypto-asset activities
Crypto-asset service means any of the following services and activities related to any crypto-asset:
- providing custody and administration of crypto-assets on behalf of clients
- maintaining a trading platform for crypto-assets
- exchanging crypto-assets for funds
- exchanging crypto-assets for other crypto assets
- executing orders for crypto-assets on behalf of clients
- placing of crypto-assets
- receiving and transmitting orders for crypto-assets on behalf of clients
- providing advice on crypto assets
- providing portfolio management on crypto assets
- providing transfer services for crypto-assets on behalf of clients
Each service is defined in more detail in Article 3(1)(17-26) of the MiCA Regulation.
Provision of a crypto-asset service will require authorisation as of 30 December 2024. More detailed application periods and instructions for submitting an application for authorisation with regard to crypto-asset service providers (CASPs) will be published later on this website.
In addition, an entity currently providing virtual currency services based on registration granted by the FIN-FSA must apply for a new authorisation under the MiCA Regulation in order to continue its operations. The FIN-FSA will inform entities on this website as soon as possible about a possible national transition period, which is currently being assessed as part of the national legislative process. Virtual currency providers registered by the FIN-FSA will have the opportunity to submit an application for authorisation under the MiCA Regulation before 30 December. The FIN-FSA will inform entities separately of the starting date for receiving applications.
- Upon receiving an application for authorisation, the FIN-FSA must assess within 25 working days whether the application comprises all of the required information. At this stage, however, the FIN-FSA will not assess the quality of the information provided. The FIN-FSA may ask the applicant to supplement the application if some or all of the required information is missing. The FIN-FSA will set a deadline for the submission of any missing information.
- After the submission of missing information, the FIN-FSA will have 40 working days to make a qualitative assessment of the application. During this period, the FIN-FSA has the opportunity to submit additional requests for clarification, but only the first of these requests will suspend the 40 working day assessment period, for a maximum of 20 working days.
Under the MiCA Regulation, crypto-asset services may also be provided by financial entities that already have an authorisation granted by the FIN-FSA for other than the provision of crypto-asset services. With the exception of credit institutions, the range of permitted crypto-asset services is limited according to the type of authorisation. Financial entities, including credit institutions, must notify the FIN-FSA before providing services, however. The notification procedure for financial entities regarding for the provision of a crypto-asset service is set out in Article 60 of the MiCA Regulation as follows:
- The financial entity must notify the competent authority at least 40 working days before providing crypto-asset services for the first time.
- Within 20 working days of receiving the information, the competent authority must assess whether all of the necessary information has been provided. The deadline for providing any missing information shall not exceed 20 working days from the date of the request to provide such information.
The 40 working day assessment period is suspended while the missing information is provided. The FIN-FSA may, at its discretion, still request supplementary information after this time, but the 40 working day period will not be suspended after the first request for supplementary information.
The European Securities and Markets Authority (ESMA) has published draft technical standards on the content of the notification of an entity providing crypto-asset services based on an application for authorisation or on another authorisation: Final Report on Draft Technical Standards specifying certain requirements of the Markets in Crypto Assets Regulation (MiCA) – first package (europa.eu). The key content requirements of both the authorisation and notification forms are:
- ONLY APPLICATION FOR AUTHORISATION: Contact information and instruments of incorporation of the entity
- Programme of operations: a description of the services provided and their marketing
- Information on the crypto-assets for which services are provided
- Continuity plan
- Descriptions of information systems (including statements of compliance with the DORA regulation)
- Statement on the separation and protection of client funds
- Operating practices and code of conduct related to anti-money laundering, countering terrorist financing, and compliance with sanctions as well as risk assessments and risk management tools
- ONLY APPLICATION FOR AUTHORISATION: Statements on solvency and minimum capital
- ONLY APPLICATION FOR AUTHORISATION: Fit & proper reports regarding owners
- ONLY APPLICATION FOR AUTHORISATION*: Competence and fit & proper reports regarding management personnel
- ONLY APPLICATION FOR AUTHORISATION*: Statement on risk management procedures
- ONLY APPLICATION FOR AUTHORISATION*: Statement on governance arrangements, including
- Organisation description
- Outsourcing policy
- Complaints handling procedures
- Management of conflicts of interest
- Wind-down plan
- Pricing and sustainability information of services-related crypto-assets
- Retention of transaction, order and other service data
* = Entities providing crypto-asset services based on another authorisation, i.e. by notification, are also obliged to comply with these requirements. This information, however, is not provided and therefore is not processed as part of the notification.
The applicant or notifier must also provide certain additional statements, depending on the type of crypto-asset services provided. For example, the operator of a trading platform must provide statements on its procedures for preventing market abuse. A provider of advisory services or portfolio management must provide statements on the knowledge and skills of its personnel to provide these services.
If an entity applying for authorisation already holds an electronic money institution or payment institution authorisation or an authorisation provided under MiFID II, the applicant is not required to provide the above descriptions, statements and policies if the documents that led to the granting of the said authorisation are still up to date at the time of arrival of the crypto-asset service provider’s application for authorisation.
Entities providing crypto-asset services based on an other authorisation, i.e. by notification, are not obliged to provide the above-mentioned documents, statements or policies if the documents that led to the granting of the other authorisation are still up to date at the time of arrival of the notification related to the start of providing a crypto-asset service.
Issuance, offering to the public and seeking admission to trading of EMTs
Issuance of EMTs is an activity subject to authorisation. In principle, the issuer is the only party that can offer EMTs to the public or seek their admission to trading. As a rule, the issuer can only be an electronic money institution or a credit institution. See
The MiCA Regulation will be applied alongside the regulation of electronic money institutions and credit institutions in a complementary manner when the said institutions issue EMTs. An issuer of an EMT must:
- notify the FIN-FSA of its intention to issue an EMT at least 40 working days in advance
- submit to the FIN-FSA a crypto-asset white paper related to the EMT at least 20 working days before its date of publication (see tab ‘Crypto-asset white papers’).
- inform the FIN-FSA of a recovery plan and a redemption plan within six months of offering to the public or seeking admission to trading)
Other persons may also, with the written consent of the issuer, offer an EMT to the public or seek its admission to trading. Such persons are not obliged to apply for authorisation.
Custody, administration or transfer of EMTs
If an electronic money institution intends to provide clients with custody, administration or transfer services for EMTs it has issued, it must notify the FIN-FSA of this in advance. See items ‘Providing crypto-asset services under other authorisation, i.e. notification procedure’ and ‘Authorisation application and notification forms’.
If an electronic money institution intends to provide crypto-asset services related to crypto-assets other than EMTs it has issued itself, the electronic money institution must apply separately for authorisation as a crypto-asset service provider. In addition, if an electronic money institution intends to offer crypto-asset services other than custody, administration and transfer services related to EMTs it has issued itself, the electronic money institution must apply separately for authorisation as a crypto-asset service provider.
Credit institutions do not need to apply separately for authorisation in the above-mentioned situations. Credit institutions must, however, make a corresponding advance notification of the provision of services.
Issuance, offering to the public and seeking admission to trading of ARTs
Issuance of ARTs is an activity subject to authorisation. In principle, the issuer is the only party that can offer ARTs to the public or seek their admission to trading. As a general rule, an ART may only be issued by an entity specifically authorised as an issuer of ARTs. Authorisation is always granted for the issuance of one ART, so issuance of two ARTs requires two authorisations. Credit institutions are allowed to issue ARTs based on notification.
The FIN-FSA must assess within 25 working days of receiving an application for authorisation whether all of the required information has been included in the application. A deadline will be set for any request for further clarification, by which time the applicant must provide the missing information.
The FIN-FSA must prepare a draft decision on granting or denying authorisation within 60 working days of an application having been deemed to contain all of the necessary information. The FIN-FSA submits the draft decision for information to the European Banking Authority, the European Securities and Markets Authority, the European Central Bank and, if necessary, also to other central banks. The above parties must submit their views on the draft decision to the FIN-FSA within 20 working days. The FIN-FSA must make a decision on whether to grant or deny authorisation within 25 working days of the submission of the views of the above parties to the FIN-FSA.
A credit institution must notify the FIN-FSA at least 90 working days before an intended issuance. An ART must not be issued before the FIN-FSA has approved the notification and the white paper. The European Banking Authority (EBA) has published a draft of the approval procedure for crypto-asset white papers related to ARTs issued by a credit institution: Regulatory Technical Standards on the procedure for the approval of white papers of ARTs issued by credit institutions | European Banking Authority (europa.eu)
Key content of authorisation application of an ART issuer and notification of a credit institution
The European Banking Authority (EBA) has published a draft technical standard on the content of an application for authorisation: https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/asset-referenced-and-e-money-tokens-micar-1 The key content requirements of both the authorisation application and notification forms are:
- Crypto-asset white paper for ART (see tab ‘Crypto-asset white papers’)
- Legal assessment of the nature of the crypto-asset
- ONLY APPLICATION FOR AUTHORISATION: Contact information and instruments of incorporation of the entity
- Programme of operations: Description of the business model
- ONLY APPLICATION FOR AUTHORISATION: A statement that the business model does not jeopardise market integrity, financial stability or operation of financial systems, or expose the issuer to serious money laundering or terrorist financing risks
- ONLY APPLICATION FOR AUTHORISATION: Statements that any crypto-asset service providers acting as partners comply with anti-money laundering and counter-terrorist financing requirements.
- ONLY APPLICATION FOR AUTHORISATION: Statements on solvency and minimum capital
- Statement on governance arrangements, including
- Statements and policies regarding the composition, custody and investment of the reserve of assets
- Statements on the issuance and redemption mechanisms and the validation of transactions
- Statements of holders’ rights
- Liquidity management policy
- Statement on the management of conflicts of interest
- Descriptions of complaints handling procedures
- ONLY APPLICATION FOR AUTHORISATION: Competence and fit & proper reports regarding management
- ONLY APPLICATION FOR AUTHORISATION: Fit & proper reports regarding owners
- Continuity plan and descriptions of information systems and information security (including statements of compliance with the DORA Regulation)
In addition, the issuer is required to prepare reports on the following:
- Communication with clients on the number of tokens in circulation and the value and composition of the reserve of assets
- Stress test plans
- Marketing and token sustainability information
In addition, issuers of ARTs must, within six months of authorisation being granted, submit a recovery plan and a redemption plan. A redemption plan must also be submitted to the Financial Stability Authority if the issuer is a credit institution.
Other persons may also, with the written consent of the issuer of an ART, offer the ART to the public or seek its admission to trading. Such persons are not obliged to apply for authorisation.
A crypto-asset service provider must use the appropriate form when making an application or notification. It is possible to add attachments to the form. The European Securities and Markets Authority (ESMA) has published draft authorisation application and notification forms:
A company applying for authorisation as an ART issuer must also use the appropriate form: Instructions on applying for authorisation, and the application form.
Authorisation application and notification forms with their attachments are submitted to the FIN-FSA Registry: kirjaamo(at)finanssivalvonta.fi or by post to Finanssivalvonta, Kirjaamo, PO Box 103, 00101 Helsinki. More information on, among other things, secure email as well as Registry contact information.
A fee is charged for processing an authorisation application or notification, as set out in the schedule of processing fees. A processing fee is charged for both positive and negative decisions. If the processing of a case is suspended due to the applicant’s withdrawal of their application, a fee will be charged for costs incurred in processing the case up to the time of cancellation.
For non-urgent MiCA-related matters, you can contact us at: MiCAquestions(at)finanssivalvonta.fi
Please note, however, that we do not read the email box daily and do not accept via this email address MiCA-related authorisation applications or other urgent contacts requiring action.
How are issuance, offering to the public and seeking admission to trading of crypto-assets regulated?
Regulation of issuance, offering to the public and seeking admission to trading of crypto-assets depends on the type of crypto-asset. There are three types of crypto-assets:
- asset-referenced tokens (ARTs)
- electronic money tokens (EMTs)
- crypto-assets other than asset-referenced tokens (ARTs) or electronic money tokens (EMTs) (“other crypto-assets”)
What is offering of crypto-assets to the public?
Offering of crypto-assets to the public means any communication to persons, in any form and through any channel, that provides sufficient information about the terms of the offering and the crypto-assets being offered to enable potential holders to make a decision on the purchasing of these crypto-assets.
An electronic money token whose reference is the official currency of a Member State is considered to be offered to the public in the Union.
An asset-referenced token (ART) may, in principle, only be offered to the public or admitted to trading in the Union if the offeror or person seeking admission to trading is the issuer of such an ART and is
- a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 of the MiCA Regulation by the competent authority of its home Member State or
- a credit institution that complies with Article 17 of the MiCA Regulation.
An applicant for authorisation under point A must submit a crypto-asset white paper for the ART as part of the application for authorisation. A credit institution under point B must give notice of its intention to issue an ART and, prior to issuance, submit a crypto-asset white paper for the ART together with the said notification. The FIN-FSA must approve the crypto-asset white paper for the ART before issuance. An entity under point A or a credit institution under point B is always obliged to draw up a crypto-asset white paper, even if a third party is handling offering to the public or seeking admittance to trading with the consent of the issuer. Likewise, if the exemption from the authorisation requirement under 16(2) MiCA Regulation could be applied to the issuance, the issuer is still obliged to publish a crypto-asset white paper.
This section only deals with the content, publication and modification of crypto-asset white papers. In addition, the section covers marketing. For more information on the issuance, offering and seeking admission to trading and authorisations of ARTs, see ‘Application for authorisation > Authorisations and notifications related to asset-referenced tokens (ARTs)’.
What are the content requirements for a crypto-asset white paper?
The MiCA regulation contains detailed requirements for the content of a crypto-asset white paper for an ART. The white paper must include all of the regulatory required information.
A crypto-asset white paper is drawn up in Finnish, Swedish or English. If an ART is also offered in a Member State other than the issuer’s home Member State, the crypto-asset white paper must also be drawn up in an official language of the host Member State or in English.
The crypto-asset white paper must be drawn up in a machine-readable format.
See the content requirements regarding the crypto-asset white paper for ARTs: Article 19 and Annex II of the MiCA Regulation.
Publication of a crypto-asset white paper
A crypto-asset white paper approved by the FIN-FSA must be published on the website of the issuer of the ART. The approved crypto-asset white paper must be publicly available by the date of the commencement of the offering to the public of the ART or of the admission to trading of the said ART. The approved crypto-asset white paper must be available on the issuer’s website for as long as the ART is held by the public.
Modification of a crypto-asset white paper
An obligation regarding the modification of a crypto-asset white paper is set out in Article 25 of the MiCA Regulation.
Notification to the FIN-FSA of planned changes
Issuers of ARTs must notify the FIN-FSA (the competent authority of their home Member State) of any planned changes to their business model likely to have a significant influence on the purchase decision of holders or prospective holders of the ARTs that occur after the authorisation pursuant to Article 21 of the MiCA Regulation or after the approval of the crypto-asset white paper pursuant to Article 17 as well as in the context of Article 23 of the MiCA Regulation.
The issuer of the ART must notify the FIN-FSA of planned changes at least 30 working days before they come into force.
The above notification should be submitted to the FIN-FSA Registry by email to the address kirjaamo(at)finanssivalvonta.fi.
Submission of modified crypto-asset white paper to the FIN-FSA and approval of the modified white paper
If the FIN-FSA has been notified of any planned change referred to above, the issuer of the ART must draw up a draft modified crypto-asset white paper and ensure that the order of the information presented therein is consistent with that of the original crypto-asset white paper.
The issuer of the ART must submit the draft modified crypto-asset white paper to the FIN-FSA. The modified crypto-asset white paper should be submitted to the FIN-FSA Registry by email to the address kirjaamo(at)finanssivalvonta.fi.
The FIN-FSA must approve, or refuse to approve, the draft modified crypto-asset white paper within 30 working days of acknowledgement of receipt thereof. During its examination of the draft modified crypto-asset white paper, the FIN-FSA may request any additional information, explanations or justifications concerning the white paper. When the FIN-FSA makes such a request, the time limit of 30 working days shall commence only when the FIN-FSA has received the additional information requested.
Publication of a modified crypto-asset white paper
The issuer of the ART must publish the modified crypto-asset white paper on its website. The modified crypto-asset white paper must be available on the issuer’s website for as long as the ART is held by the public.
How is marketing of ARTs regulated?
The marketing of ARTs is regulated in Article 29 of the MiCA Regulation. Marketing communications must not be disseminated prior to the publication of the crypto-asset white paper.
Marketing communications and any changes thereto must be published on the issuer’s website.
Marketing communications of an ART must comply with all of the following requirements:
- Marketing communications must be clearly identifiable as marketing communications.
- The information must be fair, clear and not misleading.
- The information must be consistent with the information in the crypto-asset white paper.
- The marketing communications should clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the issuer of the ART, as well as a telephone number and an email address to contact the issuer
In addition, marketing communications must contain a clear and unambiguous statement that the holders of the ART have a right of redemption against the issuer at any time.
Marketing communications must be submitted for information to the FIN-FSA on request.
In principle, only an issuer that is a credit institution or electronic money institution may offer an EMT to the public or seek its admission to trading. In addition, it is required that the issuer has published a crypto-asset white paper in accordance with Article 51 of the MiCA Regulation and submitted the said crypto-asset white paper for information to the FIN-FSA.
Under certain conditions, other persons may also, with the written consent of the issuer, offer an EMT to the public or seek its admission to trading.
This section only deals with the content, publication and modification of crypto-asset white papers. In addition, the section covers marketing. For more information on the issuance, offering and seeking admission to trading of EMTs, see the section Crypto-asset activities on the FIN-FSA’s website. See also MiCA, Title IV.
What are the content requirements for a crypto-asset white paper?
The MiCA Regulation contains detailed requirements for the content of a crypto-asset white paper for an EMT. The white paper must include all of the regulatory required information.
A crypto-asset white paper is drawn up in Finnish, Swedish or English. If an EMT is also offered in a Member State other than the issuer’s home Member State, the crypto-asset white paper must also be drawn up in an official language of the host Member State or in English.
The crypto-asset white paper must be drawn up in a machine-readable format.
See the content requirements regarding a crypto-asset white paper for EMTs: Article 51 and Annex III of the MiCA Regulation.
Submission of a crypto-asset white paper to the FIN-FSA
A crypto-asset white paper for an EMT must be submitted for information to the FIN-FSA. The FIN-FSA does not approve crypto-asset white papers for EMTs.
Publication of a crypto-asset white paper
The issuer of an EMT must publish on its website a crypto-asset white paper before offering the EMT to the public in the Union or seeking admission to trading of the EMT.
Modification of a crypto-asset white paper
A modified crypto-asset white paper must be submitted for information to the FIN-FSA. The modified crypto-asset white paper must be submitted to the FIN-FSA Registry by email to the address kirjaamo(at)finanssivalvonta.fi.
The modified crypto-asset white paper must be published of the issuer’s website.
How is the marketing of EMTs regulated?
The marketing of EMTs is regulated in Article 53 of the MiCA Regulation. Marketing communications must not be disseminated prior to the publication of the crypto-asset white paper.
Marketing communications and any changes thereto must be published on the issuer’s website.
Marketing communications of an EMT must comply with all of the following requirements:
- Marketing communications must be clearly identifiable as marketing communications.
- The information must be fair, clear and not misleading.
- The information must be consistent with the information in the crypto-asset white paper.
- The marketing communications should clearly state that a crypto-asset white paper has been published and clearly indicate the address of the website of the issuer of the EMT, as well as a telephone number and an email address to contact the issuer.
In addition, marketing communications must contain a clear and unambiguous statement that the holders of the EMT have a right of redemption against the issuer at any time and at par value.
Marketing communications must be submitted for information to the FIN-FSA on request.
Offering other crypto-assets requires, as a rule, that the offeror has drawn up a crypto-asset white paper, submitted it for information to the FIN-FSA and published it, and has complied with the other provisions of Article 4 of the MiCA Regulation.
The admission to trading of other crypto assets also requires a crypto-asset white paper in accordance with Article 5 of the MiCA Regulation and compliance with the other provisions of Article 5.
When is it not necessary to draw up a crypto-asset white paper?
It is not necessary to draw up, submit to the FIN-FSA and publish a white paper for a crypto-asset other than an ART or an EMT when one of the following exemptions applies to the offering:
- The crypto-assets are offered to fewer than 150 persons
- The total consideration of the offering does not exceed EUR 1,000,000 over a period of 12 months
- The offering is addressed solely to qualified investors and only qualified investors can hold the crypto-assets.
In the above-mentioned cases, however, the offeror must be a legal person and must comply with the requirements set out in Article 14 of the MiCA Regulation. Even the legal person requirement and Article 14 of the MiCA Regulation do not apply if the crypto-asset is offered for free or created automatically as a reward for the maintenance of a distributed ledger (DLT) or the validation of transactions. These requirements also do not apply if the offer is for a utility token that represents the right of access to an existing product or service. The requirements are also waived if the crypto-asset can only be used to acquire products and services within a limited network of service providers.
None of the above-mentioned exception criteria can be applied in the event of an admission to trading of the crypto-asset being sought.
When a person seeks admission to trading of a crypto-asset, a crypto-asset white paper needs to be drawn up only after the first admission to trading. There is therefore no need to draw up a white paper separately for each platform in connection with listing. One condition is that the white paper must be kept up to date as regulatorily required.
What are the content requirements for a crypto-asset white paper?
The MiCA Regulation contains detailed requirements for the content of a crypto-asset white paper. The white paper must include all of the regulatory required information. The crypto-asset white paper must include information about a 14-day right of withdrawal.
A crypto-asset white paper is drawn up in Finnish, Swedish or English. The crypto-asset white paper must be drawn up in a machine-readable format, as specified here.
See content requirements for other crypto-assets: Article 6 and Annex I of the MiCA Regulation.
Submission of crypto-asset white paper and other information to the FIN-FSA
Crypto-asset white papers for crypto assets other than ARTs or EMTs are submitted for information to the FIN-FSA.
The FIN-FSA does not check or approve these crypto-asset white papers.
The crypto-asset white paper notification should be accompanied by an explanation as to why the crypto-asset in question does not fall outside the scope of the MiCA Regulation or is not an EMT or ART.
If the intention is to offer a crypto-asset or seek its admission to trading also in other Member States, a list of these Member States should be submitted to the FIN-FSA in the notification.
The following must be submitted to the FIN-FSA:
- A crypto-asset white paper
- An explanation of the applicability of the MiCA Regulation
- A list of host Member States (if applicable)
This information must be submitted at least 20 working days before the date of publication of the crypto-asset white paper.
Publication of a crypto-asset white paper
The crypto-asset white paper must be published on the offeror’s website within a reasonable time before offering to the public begins and, in any case, before the start of the offer period. A corresponding requirement applies to a situation in which an entity is seeking admission to trading of a crypto-asset. The crypto-asset white paper must be available on the website for as long as the crypto asset is held by the public.
Modification of a crypto-asset white paper
The published crypto-asset white paper must be modified whenever there is a significant new factor, material mistake or material inaccuracy. The modified crypto-asset white paper and the reasons for the modification must be submitted to the FIN-FSA at least seven working days before their publication. The FIN-FSA must also be notified on the intended date of publication. The obligation to modify the crypto-asset white paper continues for the duration of the subscription period of the offering or for as long as the crypto-asset is admitted to trading.
Publication of result of offering to public
The offeror of crypto-assets must publish the result of the offering on its website within 20 working days of the end of the subscription period. If no end date is set for the subscription period, the offeror must publish on its website at least monthly the number of crypto-assets in circulation.
Asset safeguarding arrangements
During the offering to the public, only a credit institution and a crypto-asset service provider that provides custody and administration of crypto-assets on behalf of clients can take care of the custody of the funds or crypto-assets collected.
How is marketing of crypto-assets regulated?
Marketing of crypto-assets other than ARTs or EMTs is subject to, among others, the following requirements:
- Marketing communications must be clearly identifiable as marketing communications.
- The information must be fair, clear and not misleading.
- Marketing communications must not be disseminated prior to the publication of the crypto-asset white paper.
- The information in the marketing communications must be consistent with the information in the crypto-asset white paper, it must tell about the publication of the crypto-asset white paper and provide other regulatory required information, such as the offeror’s contact information.
- Marketing communications must be submitted for information to the FIN-FSA on request.
- Marketing communications must be modified, if necessary, and the amended information must be submitted to the FIN-FSA on request.
- Marketing communications must be available on the website of the offeror or the persons seeking admission to trading of the crypto-asset for as long as the crypto-asset is held by the public.