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Crypocurrency regulation and formation in Finland

The Finnish government and the country's Central Bank feature cryptocurrencies to higher-risk assets and do not consider them as “real” money. Government agencies and the financial regulator think Bitcoin and other non-fiat funds as tools of payment, counting of “non-existing” assets, highlighting their tentative nature and high risks.

The exchange operations in Finland, cryptocurrency trading is considered as private contracts and is subjected to capital increase taxes. They are high: from the profits from the non-fiat finances exchange into the fiat ones, as well as for the goods acquiring for a cryptocurrency, you need to pay 30-34%. The precise rate depends on the amount received. Losses are not subjected to the taxation.

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Regulation of cryptocurrency activities in Finland

Registration of cryptocurrency exchange licenses is not synchronized, but the field and problems related to it are the liability of the central Finnish regulator - the Financial Supervision Authority (FIN-FSA). Finland is a part of the EU, the Schengen zone and, it takes into considering the provisions of European directives, positions as per KYC and international AML level in the field of FinTech business and non-fiat funds,.

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Thus, crypto exchanges, exchange stands that believe the prospective of Finnish crypto currency licenses and who desire to make themselves legal in the country should:
  • Generate a company in Finland - for instance, a well-liked analog of a joint-stock company, OY with a registered capital;
  • Build a "physical" office by buying or renting of a real estate and open a bank account;
  • Employ staff and directors (as per European necessities, they must have economic or financial education and work experience in the field);
  • Draft the documentation needed by European regulators when applying for crypto currency licenses - a business plan with a corroboration of finances sources for numerous years, policies to avert counter-terrorist financing, money laundering, user agreements, internal control rules, etc.
  • Examine risks widely, execute due diligence;
  • Protect customer details and operations - systematize controlled access, verify compliance with KYC needs and GDPR rules (if the platform serves up EU residents or utilize one of the languages of the European Union).

Company development in Finland is easy as our legal group takes care of every documentation for the full setup. A wide variety of corporate services in Finland modified to fit your requirements, including but not incomplete to company formation, legal and tax advisory, virtual office, bank account opening consultation and accounting. There is also accessibility for Finnish shelf companies with earlier activity (e.g. older registration dates) and active VAT registrations.

The most cost and time efficient thing is to register a company in Finland is to purchase a new shelf company, since the beginning procedure can be a challenge to non-residents because of a variety of hidden necessities (e.g. share capital payment). In most cases, non-residents purchase a new ready-made shelf company to evade government. Though, you can hire an advisory to assist you with new incorporations on request. The local advisory will assist you to select the finest approach as per to your objectives.

Limited Liability Company in Finland

In Finnish limited liability Company (Osakeyhtiö or Oy in Finnish) its shareholders have no personal proprietary liability for the company’s obligations and that’s the reason it is the most ordinary form of business in Finland. In the Commercial Registry the new limited liability shelf companies are registered with a vigorous registration number and no earlier activity – in some cases it needs to build the new company as customized as per the laws. Every Finnish shelf companies arrive with our 100% clean balance sheet guarantee and the full share capital payment of some amount pre-registered, therefore there is no requirement to put up the share capital. There are a number of restrictions on the number and the nationality of the board member(s) outside of the EU/EEA regions.

Going legally for registration and having knowledge of how it can be done is very important. Before registering your cryptocurrency company in Finland, please go through the above mentioned details. There can be some changes in the information because laws keep on updating. Therefore, it is highly recommended to hire a local advisory to know all the current legal procedure of formation of cryptocurrency company in Finland.

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Crypto Exchange Registration

A cryptocurrency exchange has the toughest requirements from the VFA services regulated in Malta. When holding clients money, VFA’s and cryptographic keys the regulation takes great care of protecting users. Let us guide you through the complete registration of registering your cryptocurrency exchange.

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ICO registration company

Raise capital for your venture by registering an ICO. Let us guide you through the entire process from assessing your tokenomic model, creating smart contracts, legal document requirements, marketing and tax planning.

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