Swedish company Safello is now enabling the buying, selling, storage and transfer of crypto in Finland, using its MiCA authorisation to operate across borders for the first time.
The crypto platform offers trading and custody of digital assets, and last year was the first Swedish player to receive MICA concession from Finansinspektionen. With the launch in Finland, Safello is for the first time adopting this concession to provide cross-border services in the EU, and CEO Emelie Moritz has previously signalled ambitions for further international expansion.
The launch in Finland marks Safello's first establishment outside its home market. Finnish users now get access to buy, sell, transfer and store crypto assets via the platform within a regulated framework. Services include order bookshop and Safello's swap service, and will initially be available through the mobile app before a web version is rolled out later.
The basis for the venture is Safello's authorisation as a crypto‑asset service provider (CASP) under the European Union's Markets in Crypto‑Assets Regulation (MiCA). The concession covers, among other things, the transfer of crypto assets on behalf of clients, the custody and administration of crypto assets, the receipt and dissemination of orders, the execution of orders as well as the exchange between crypto and fiat or between different crypto assets. MiCA introduces a harmonised regulatory framework in the EU that allows approved operators to provide services in other member states through a notification process, rather than a full local licence in each individual market.
For Finnish customers, Safello opens all existing services with full support for payments in euros. It includes deposits and withdrawals via established payment partners, which should make it easier to move funds between bank account and crypto platform. At startup, access is made through the mobile app, while a web launch should follow later.
Finland has been selected as the first market where Safello uses the MICA concession to establish operations outside Sweden. The company sees the harmonised EU regulatory framework as an opportunity to scale a regulated platform for digital assets across borders, with Finland as the first step.
Safello states that it is not yet possible to quantify the economic impact of the Finland launch. In the short term, the expectation is that the venture will make a limited net cost contribution, before in the longer term it can contribute to increased revenues, depending on how many new users the platform manages to attract and how trading volumes develop in the Finnish market. Safello Group AB is listed on the Nasdaq First North Growth Market, while the operations of the crypto services are done through its subsidiary Safello AB in Sweden.
