How do I Sell Bitcoin in Finland: A Step-by-Step Guide

13 MIN READ
How do I sell Bitcoin in Finland

In recent years, Finland has developed into a thriving hotspot for Bitcoin investors and crypto exchange beginners. The Nordic country provides plenty of options for people desiring to convert their Bitcoin holdings into fiat money, particularly the euro, thanks to its progressive legislative framework and expanding cryptocurrency ecosystem. Notably, PlasBit is one of the sites that makes this transaction possible. It provides an excellent “bank wire” feature that lets customers convert their Bitcoin for fiat money. Finland is among the countries supported by PlasBit, providing Finnish users with a seamless avenue for converting their digital assets into traditional currency. In this article, we’ll cover several topics, including step-by-step instructions for selling Bitcoin in Finland using PlasBit's bank wire feature, the history of cryptocurrency adoption in Finland, the regulatory environment and taxation policies surrounding cryptocurrencies, and the vibrant crypto community in Finland.


How do I sell Bitcoin in Finland?

Many crypto users have a question about whether they can cash out crypto for real money. A simple answer to this question is YES. A user can purchase, sell, and trade different digital assets, including Bitcoin, on cryptocurrency exchanges. Providing an answer to the question “How do I sell Bitcoin in Finland?”, we discussed in the introduction about the “Wire” feature in PlasBit. Below is a step-by-step guide you can follow to make a successful Bitcoin exchange to a bank account using the specified feature. Kindly just make sure you already have Bitcoin in your PlasBit wallet to make a successful wire.

How to exchange Bitcoin to Euro?

Step 1: Log in to your PlasBit account

Go to the PlasBit homepage and then head over to log in to your account. Provide a valid username and password to access your account and start the procedure of “How to exchange Bitcoin to Bank account.”

plasbit login

Step 2: Locate the “Wires” section in PlasBit

Once you get into your account, locate the Wires section towards the left side of the page. After selecting this section, you will be relocated to a page that is created especially to handle and manage bank wire transfers, where you will find all the information and tools you need.

wire transfers

Step 3: Providing essential details

Navigate to the Bank Wire Transfer area and precisely enter the recipient’s bank account details, like the account number or IBAN, account type, bank name, receiver bank address, receiver bank BIC/SWIFT code, and any other relevant notes for the transfer.

wires details

Step 4: Choose the type of Fiat currency

In the "Wires" section, locate the option to sell your Bitcoin for euros. Specify the amount of Bitcoin you wish to sell and the currency (euros) you want to receive. When you select Bitcoin conversion, our system will decide the amount of money (in Euros), the count of Bitcoin, the relevant charges, and how much money you will receive overall once all the costs are deducted. Before continuing, please verify that you have enough Bitcoin in your PlasBit wallet to cover the requested transfer amount.

choose wires currency

Step 5: Initiating the Wire Transfer:

Once you have checked all the transaction details, click on the “Submit” button down below. PlasBit will match your sell order with a buyer looking to purchase Bitcoin in euros. Furthermore, take note of the applicable transfer charge, which is fixed at 5% of the transferred amount, the $1,000 minimum transfer amount, and the USD 50,000 maximum transfer amount per transaction.

enter amount for wire

Step 6: Confirm and complete the Withdrawal

Review the withdrawal information, taking note of the amount to be transferred and any related costs. Verify the withdrawal request and carry out any further security measures to finish the procedure. The money may not appear in your bank account for a few business days, depending on PlasBit's and your bank's processing schedules. You can monitor the incoming wire transfer in your bank account.


Is Crypto regulated in Finland?

After discussing, “How do I sell Bitcoin in Finland”, let’s explore another topic of “Regulations on Bitcoin in Finland.” So, are cryptocurrencies regulated in Finland? Yes. However, these regulations are centered on safeguarding consumers, maintaining financial integrity, and adhering to anti-money laundering (AML) and counter-terrorist financing (CTF) protocols. Finland's cryptocurrency regulations have changed throughout time to meet the opportunities and problems brought forth by digital assets.

Financial Supervisory Authority (FSA) of Finland:

Overseeing Finland's financial markets and institutions is the principal regulatory body, known as the Finnish Financial Supervisory Authority (Finanssivalvonta or FSA). Even while the FSA does not directly oversee cryptocurrencies, it does have regulatory authority over some activity involving them. To guarantee adherence to relevant rules and regulations, the FSA keeps an eye on and regulates organizations and companies involved in cryptocurrency-related activities, such as exchanges, wallet providers, and custodial services. Protecting consumer interests and upholding the integrity of the financial system are the goals of this monitoring.

Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Regulations:

Finland has enacted CTF and AML laws that apply to Bitcoin companies doing business there. According to this legislation, wallet providers, cryptocurrency exchanges, and other service providers must establish thorough customer due diligence policies, keep an eye on transactions for unusual activity, and notify the appropriate authorities of any suspicious transactions. Finland's government is committed to fighting financial crime and maintaining the integrity of the financial system, as seen by the fact that cryptocurrency businesses must abide by the same AML and CTF requirements as traditional financial institutions.

Overall, the regulatory system in Finland ensures compliance with AML and CTF legislation, taxation policies, and consumer protection measures, even though cryptocurrencies are not directly regulated as legal cash. Finland hopes to promote responsible cryptocurrency market involvement while preserving the integrity and stability of its financial system by addressing these regulatory concerns.

selling bitcoin in finland

Taxation on Bitcoins in Finland

There are several crypto tax-friendly countries all over the world, but in Finland, transactions involving cryptocurrencies are taxable, mostly under capital gains tax laws. Gains from the sale or exchange of cryptocurrencies for fiat money or other assets by individuals or companies are subject to taxation. Coins are regarded as taxable assets by the Finnish Tax Administration (Verohallinto), and profits from cryptocurrency trades are liable to capital gains tax. The holding duration and the total amount of gains observed during the tax year are two examples of the variables that affect the tax rate on bitcoin income. When opposed to long-term capital gains (kept for more than a year), short-term capital gains (owned for less than a year) are usually taxed at a higher rate.

Individuals in Finland are typically charged capital gains tax rates ranging from 30% to 34%, contingent upon the total amount of taxable income produced during the tax year. Companies that deal with cryptocurrencies, such as cryptocurrency exchanges and wallet providers, must pay corporate income tax on the money they make from these ventures.

It is the responsibility of Finnish taxpayers to keep complete records of all cryptocurrency transactions, including the dates of purchase and disposal, the total amount of each transaction, and any associated fees or costs. The Finnish Tax Administration may review these documents and they must be kept for tax reporting purposes. On their yearly tax filings, taxpayers are required to accurately declare their bitcoin trades and gains. Tax authorities may levy penalties or fines for failure to report bitcoin income or gains.

In general, the Finnish Tax Administration's well-defined policies and procedures control cryptocurrency taxes in Finland. People and companies can responsibly handle the taxation of cryptocurrencies in Finland and guarantee legal compliance by being aware of their tax responsibilities and adhering to reporting regulations.


How big is the Crypto community in Finland

Finland boasts a dynamic and engaged crypto community, comprising enthusiasts, developers, investors, and entrepreneurs passionate about blockchain technology and digital assets. This community is essential to the nation's innovation, cooperation, and understanding of cryptocurrencies.

In Finland, cities like Helsinki, Espoo, and Tampere have emerged as hubs for the cryptocurrency industry. Communities, get-togethers, and events centered around blockchain technology and cryptocurrencies are held in these cities. They facilitate the flow of knowledge and act as hubs for networking and collaboration between people from all across the nation. The community has grown even more as a result of Finland's favorable regulatory stance towards cryptocurrencies, as well as its vibrant startup sector and academic institutions. As a result, Finland continues to encourage innovation and regulation in the cryptocurrency space while also influencing worldwide adoption patterns.

Examples of developed Finish Crypto Communities

CryptoFinland Telegram Group:

It this CryptoFinland Telegram group, Finnish cryptocurrency enthusiasts can discuss news, trading tactics, technological advancements, various aspects of cryptocurrencies, blockchain technology, investment strategies, market trends, and regulatory updates. Members of the group can learn and network in a friendly environment offered by the group.

If you are a newbie or don’t have that much experience with the Cryptos, this group can guide beginners like you by giving every small and detailed information that is needed to understand and to get a good head start. Aside from educating beginners, CryptoFinland also gives some valuable insights to professionals regarding the crypto market. Furthermore, CryptoFinland also acts as a networking hub where managers, startups, and industry experts can exchange knowledge and share practices. Similar to this telegram group there is one more telegram group called BSC Calls Finland . This group also works in a similar way like CryptoFinland and also has the same motive of educating, guiding, and networking.

Finland Crypto Investments Facebook group:

Finland Crypto Investments is a small facebook group for Finnis crypto enthusiasts who can join and share their analysis of market, charts regarding currents trends, and the best part of the group is they also organize some Meetups occasionally to connect with other people with similar ideas and other crypto lovers.

Helsinki Bitcoin Meetup:

In Helsinki (Capital of Finland), industry professionals, developers, and fans of cryptocurrencies come together for the well-liked Helsinki Bitcoin Meetup. Regular events held by the group include panel discussions, workshops, and guest speakers covering a variety of topics related to blockchain technology and Bitcoin. Every crypto lover enjoys joining this event and spends their time gathering and sharing knowledge regarding Cryptos. This meetup can be seen as a fun way to learn as well as connect with some real experts or professionals in this field.

Aalto University:

Aalto University's curriculum includes courses on cryptocurrencies and blockchain. Students, academics, and business people with an interest in blockchain technology attend the university's workshops and lectures on the subject. Here, students can receive valuable knowledge from courses, seminars, lectures, and projects who aim to make Bitcoin or any other cryptocurrency as a side hustle or look towards it as a great investment opportunity.

Suomen Kryptovaluutta Yhdistys:

Suomen Kryptovaluutta Yhdistys, the Finnish Cryptocurrency Association, is one of the advocacy groups that encourages the use and adoption of cryptocurrencies in Finland. The association promotes regulatory clarity, produces educational materials, and plans events to help the cryptocurrency ecosystem flourish.

Blockchain Research Group:

The University of Helsinki's Blockchain Research Group studies decentralized apps, smart contracts, consensus processes, and other facets of blockchain technology. The group participates in scholarly publications and works with industry partners.

Overall, the crypto community in Finland is distinguished by its enthusiasm for blockchain technology, diversity, and teamwork. Through their involvement in social media, educational programs, business ventures, and advocacy work, this group is still influencing the direction of blockchain innovation and cryptocurrencies in Finland and abroad.


History of Cryptocurrency Adoption in Finland

The adoption of cryptocurrencies in Finland has followed a slow but steady trajectory, influenced by several variables such as regulatory changes, consumer attitudes, and technological breakthroughs. Finland has seen tremendous growth and interest in digital assets over the years, despite not being one of the first countries to accept cryptocurrencies.

Like many other nations, Finland went through a phase of interest and exploration into cryptocurrencies in the early years after Bitcoin's launch in 2009. Although on a relatively modest scale, early adopters and computer enthusiasts started experimenting with Bitcoin mining, trading, and usage. Finnish people and companies began to learn about the advantages of cryptocurrencies around this time, including decentralized transactions, international payments, and financial sovereignty. However broad acceptability stayed restricted, and popular acceptance is still in its early phases.

To meet the increasing demand for access to digital assets, cryptocurrency exchanges, and service providers sprang up in Finland between 2013 and 2017. Sites like LocalBitcoins were established in Helsinki in 2012. It has become a well-known channel for purchasing and selling Bitcoin and other cryptocurrencies. Finnish business people and companies started looking into blockchain and cryptocurrency prospects, introducing concepts that ranged from blockchain-based applications to cryptocurrency wallets and payment systems. These programs helped the ecosystem grow and increased public knowledge of cryptocurrencies in Finland.

In recent years, Finland has taken action to provide guidance and clarity on cryptocurrency regulations to foster innovation while maintaining consumer safety and financial stability. Statements and recommendations explaining the legal status of cryptocurrencies and the regulatory obligations for companies in the crypto industry have been released by the Finnish Financial Supervisory Authority (FSA). This regulatory certainty has promoted responsible involvement in the digital currency sector by boosting confidence among businesses and investors. Additionally, to solve regulatory issues and investigate prospects for blockchain use in a variety of industries, including finance, logistics, and healthcare, Finnish government authorities have been in communication and cooperation with industry players. The taxation of cryptocurrencies has been directed by the Finnish Tax Administration (Verohallinto), which has clarified how cryptocurrency transactions are treated for tax reasons. This guidance has helped individuals and businesses comply with their tax obligations related to cryptocurrency holdings and transactions.

In conclusion, the adoption of cryptocurrencies in Finland has been marked by a voyage of discovery, evolving regulations, and increasing acceptance. Although the nation may have begun as a place of trial and curiosity, it has developed into a mature ecosystem with a regulatory framework that supports it, successful industry actors, and a lively community that propels innovation and acceptance. Finland's embrace of blockchain technology and cryptocurrencies seems promising for future expansion and integration into other facets of the economy and society.


Other alternatives for selling Bitcoin in Finland

In addition to using cryptocurrency exchanges like PlasBit, there are several other alternatives, like SEPA bank transfers, crypto ATMs, crypto wallets, etc., that any user can use to sell Bitcoin for currency in Finland. These methods offer convenience, accessibility, and flexibility to individuals looking to cash out their digital assets. Below are some useful ways to sell Bitcoin in Finland.

Crypto ATMs:

Bitcoin ATMs, or cryptocurrency ATMs, are becoming more and more common in Finland. With these machines, users can immediately purchase or sell Bitcoin for cash. These ATMs make it simple to transact with cryptocurrencies and are usually found in public areas like airports, convenience stores, and shopping centers. Users usually have to choose the "sell Bitcoin" option on the ATM interface, input the desired selling quantity, and then follow the on-screen instructions to finish the transaction to sell Bitcoin at a cryptocurrency ATM. After that, the ATM will give out the equivalent amount of cash in return for the Bitcoin.

The growing popularity of cryptocurrencies and the need for easily accessible platforms to interact with digital assets are evidenced by the expanding number of ATMs in Finland. We can anticipate more choices for managing your digital wealth at ATMs across the nation as cryptocurrency knowledge and adoption grow. Crypto ATMs contribute to the democratization of cryptocurrency access through their conveniently located locations and user-friendly interfaces. They enable people like you to benefit from the opportunities provided by technology and engage in the economy.

Peer-to-Peer (P2P) Trading Platforms

Peer-to-peer networks allow buyers and sellers of cryptocurrencies, such as Bitcoin, to transact directly with one another without the use of middlemen. These marketplaces link people looking to purchase or sell Bitcoin and offer a safe escrow service to guarantee that transactions go through without a hitch. Users can create listings on well-known P2P trading platforms in Finland, like LocalBitcoins, to sell Bitcoin for fiat money (like euros). Sellers can bargain with prospective buyers to agree on transaction terms and designate their preferred payment methods, such as bank transfers, cash deposits, or online payment services.

P2P platforms also give users access to a variety of peers from different backgrounds and places. Market liquidity is enhanced by this diversification. offers a trading environment that will enable you to find the best prices and take full advantage of your trading possibilities.

Crypto Cards:

Users can utilize cryptocurrency debit cards, such as those provided by several fintech companies, to make purchases using their Bitcoin holdings at online and physical retailers that accept credit and debit cards. At the point of sale, these cards convert Bitcoin into fiat money, making it easy for users to access the value of their Bitcoin holdings. By loading their cryptocurrency debit card with Bitcoin and using it to make purchases or withdrawals at ATMs that accept the card, users can sell their Bitcoin for fiat money. Based on current exchange rates, the card issuer manages the real-time conversion of Bitcoin to fiat money.

These additional choices give people in Finland more ways to exchange their Bitcoin for fiat money, with flexibility and ease to accommodate a range of needs and preferences. Sellers can select a mechanism that best suits their needs for speed, anonymity, and convenience of usage, whether that be OTC trading desks, debit cards, peer-to-peer platforms, or cryptocurrency ATMs.


Factors to Consider when choosing a method:

Certain factors should be taken into consideration while selling Bitcoin in Finland to have a transaction with ease. These factors include your Security and Privacy, Current Market Trends, Transaction fees, etc. Here is a detailed description of these factors that play a vital role during a crypto transaction.

Security

When choosing a Bitcoin selling method, put security first. Make sure the platform or service you select has strong security measures in place to guard your money and private data against theft, hacking, and unauthorized access. Look for features like encryption, secure wallet storage, and two-factor authentication (2FA).

Market trends and conditions:

It's important to take the market conditions into account before selling your Bitcoin. Be mindful of elements like trade volume, liquidity, and price trends. You may maximize your gains and make well-informed decisions about when to sell by monitoring price changes and the market index.

Transaction fees:

Understand the expenses and charges related to every selling technique, such as fees for transactions, exchanges, withdrawals, and other charges. Examine the costs of various approaches to see which is the most economical choice for your selling volume and budget.

Privacy and Anonymity:

Evaluate the level of anonymity and privacy provided by the selling method, particularly if you place a high importance on privacy. Peer-to-peer platforms and over-the-counter (OTC) trading desks are two systems that might provide greater anonymity than others. Consider your preferences, when selecting a selling methodology.


Conclusion:

In conclusion, PlasBit’s “Wire” feature can be one of the most convenient and efficient answers to the question of “How do I sell Bitcoin in Finland?”. Finland provides a favorable atmosphere with a strong legal system, a vibrant cryptocurrency ecosystem, and a variety of selling choices for anyone looking to sell their Bitcoin holdings for euros. Through adherence to the above-described methodical advice and continued education regarding legislative advancements and taxation strategies, people can confidently and easily traverse the Finnish cryptocurrency terrain.

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