Finnish Financial Supervisory Authority and Virtual Asset Market Participants Association sign Memorandum of Cooperation

A memorandum has been signed in Bishkek that could become a starting point for the formation of a civilised virtual asset market in the country. The parties to the agreement are the state regulator, represented by the Financial Market Regulation and Supervision Service, and the Association of Virtual Asset Market Participants.

This is an important signal. After all, it is the first time that the state and business have officially sat down at the same table to jointly determine the rules in this rapidly growing sector.

The tasks are ambitious, ranging from developing proposals to improve legislation to introducing best international practices. Particular emphasis is placed on improving financial literacy — without public trust and understanding of the mechanisms, the crypto market will not become part of the economy but will remain a ‘grey area’.

The signing of the memorandum can be seen as the first step towards creating a predictable and safe environment for investors and innovation.