Global Stablecoin Regulation
Legal
In-Force
Fiat Referenced
Asset Referenced
Classification
E-Money
Crypto Asset
Regulatory Authorities
Finnish Financial Supervisory Authority (FIN-FSA)
The primary regulator for stablecoins and crypto-assets in Finland, responsible for authorizing and supervising crypto-asset service providers (CASPs) under MiCA. It enforces licensing, AML, consumer protection, and operational requirements.
Ministry of Finance
Responsible for drafting and implementing national legislation transposing MiCAR into Finnish law (Act 402/2024).
Top Issuers
Consumer Protection
Reserve Requirements
Under MiCA, EMTs must allow par-value redemption at any time and funds received must be safeguarded under the e-money regime (segregated or insured/guaranteed), while ARTs must maintain a dedicated reserve of high-quality, low-risk and sufficiently liquid assets, kept segregated from the issuer and managed with strict liquidity and concentration rules; FIN-FSA supervises Finnish issuers and EBA sets the technical standards for reserve quality and liquidity.
Auditing
ART issuers must publish monthly reserve information and obtain independent audits at least every six months; annual financial audits still apply under general law. EMT issuers are subject to e-money safeguarding, governance and statutory financial audits but MiCA does not require monthly third-party “attestations” for EMTs.
Redemption Rights
EMT holders have a statutory right to redeem at par in the referenced fiat currency at any time; fees and conditions are tightly limited by MiCA/e-money rules. ART holders must be offered redemption mechanisms laid out in the white paper that provide cash or asset redemption at a fair, transparent value; MiCA does not prescribe a fixed “T+1” processing time. FIN-FSA enforces these duties for Finnish issuers.
