Cryptocurrency exchange Safello, known for its leading presence in the Nordics, has announced its plans to launch its services in Finland. The decision was made by the company’s Board of Directors and is set to take place before the end of the year. This marks Safello’s first cross-border expansion, made possible by the company’s authorization as a crypto asset service provider.
The launch in Finland is enabled by the EU’s Markets in Crypto-Assets (MiCA) regulation, which introduces a harmonized framework for crypto asset services. This allows authorized providers to offer their services across other EU member states through a notification procedure. Safello’s launch in Finland will include all current services and will feature full support for euro payments, including instant deposits and withdrawals through established local payment partners. The services will initially be available through the company’s mobile app, followed by a web launch, providing Finnish users with a secure platform to buy, sell, and store crypto assets.
In preparation for the launch, the company is working on the technical and operational foundations, as well as regulatory preparations in the form of a cross-border activity notification to the Swedish Financial Supervisory Authority (Finansinspektionen), which is a prerequisite for the launch. The company’s Board of Directors will continue to evaluate new markets for entry, and the launch in Finland is the first step in Safello’s European expansion strategy.
The financial impact of the launch in Finland cannot be estimated at this time. However, Safello expects a limited net cost initially, with potential revenue growth over time, depending on the number of new users and trading volume in Finland.
CEO of Safello, Emelie Moritz, says, “This is a natural next step for Safello as we take our Nordic vision to the next level. Finland will serve as the springboard for a strategic European expansion, marking an important milestone for Safello and a key step in our mission to make crypto simple and secure for everyone. MiCA provides a clear and unified framework for the industry, enabling companies like Safello to grow responsibly across borders.”
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.